VBIT Hong Kong
On 12 August 2026, Hong Kong's stablecoin market reached a historic moment. Anchorpoint, the licensed issuer formed by Standard Chartered Bank (Hong Kong), Animoca Brands and HKT, launched the regulated HKD-pegged stablecoin HKDAP (HKD At Par).
It is the first compliant stablecoin project implemented since Hong Kong's Stablecoins Ordinance took effect on 1 August 2025, marking a transition from studying digital assets to using digital currency.
1. What is HKDAP, and what makes it different?
HKDAP stands for Hong Kong Dollar At Par. Each unit has a face value of HK$1 and a fully reserved 1:1 peg. Circulating units must be backed by sufficient reserves segregated from the issuer's own assets and operating funds, with a trust structure protecting holders.
This is not an ordinary cryptocurrency project. Anchorpoint received one of the HKMA's first two issuer licences on 10 April. Only two approvals from 36 applications demonstrate the high regulatory threshold.
HKDAP's principal features include:
✅ Full 1:1 HKD reserves: Each unit is backed by equivalent Hong Kong dollar assets
✅ HKMA oversight: Licensed issuance under the Stablecoins Ordinance
✅ A firm redemption mechanism: Holders may redeem for HKD at par at any time
✅ Segregated reserve custody: A trust structure protects holders
✅ Initially available on Ethereum, with possible support for other blockchains later
2. Why initially restrict access to institutions and professional investors?
HKDAP uses a B2B2C model, reaching the market through authorised distributors rather than directly serving retail users initially. Beta access opened to institutional distributors and professional investors on 12 August.
Why not open it to everyone?
Anchorpoint's position is clear: the most valuable financial use cases are not everyday coffee purchases, but cross-border trade settlement, financial-asset delivery, tokenised securities, corporate payments and round-the-clock international fund movements. The initial users best suited to HKDAP are banks, brokers, asset managers, payment institutions, cross-border businesses and professional RWA investors.
When might retail users gain access?
Anchorpoint says it will assess retail applications as more ecosystem partners join, targeting a launch as early as the end of 2026. Standard Chartered also confirmed a target of opening retail services by the end of 2026 at the earliest.
3. The first distributors: HashKey and OSL
Hong Kong's two licensed virtual-asset platforms, OSL Group and HashKey Exchange, have confirmed that they are initial authorised HKDAP distributors.
HashKey Exchange: Eligible institutions and professional investors can obtain HKDAP through the HashKey app. HashKey has completed the first minting and redemption transaction for an eligible client, verifying subscription and redemption between HKDAP and fiat.
OSL Group: Eligible customers can subscribe, redeem, exchange, trade and settle fiat and HKDAP through OSL HK. Initial institutional applications focus on tokenised funds, trade finance and cross-border payments.
4. Core applications: Cross-border payments and RWA settlement
Anchorpoint currently focuses on applications delivering practical benefits to the real economy:
🌐 Cross-border payments: HKDAP supports 24/7 transfers and settlement, potentially reducing time and cost while improving institutions' liquidity management and efficiency. HKMA chief executive Eddie Yue previously said Anchorpoint was testing stablecoins for cross-border payments with better speed and cost than existing remittance methods.
🏗️ Tokenised real-world asset trading and settlement: HKDAP provides cost-effective, programmable and interoperable settlement, offering compliant digital cash for RWA markets. It could settle tokenised equities, bonds, funds, gold and property.
🌍 The Global South: Applications will gradually extend overseas from Hong Kong, laying infrastructure foundations for digital-asset markets in the Global South.
5. Market reaction and controversy
Despite its milestone status, HKDAP drew a relatively muted response. Hong Kong-listed crypto shares received no significant boost. Some analysis suggests institutional attitudes towards an HKD stablecoin remain cool or even disappointed.
HKDAP also prompted technical debate. On 13 August, blockchain-security firm BlockSec said its Ethereum mainnet contract code did not meet commercial production standards, identifying four issues: ineffective compliance and KYC mechanisms, concentrated governance allowing one key to mint, burn or freeze tokens, conflicts with HKMA guidance, and custom-development risks.
Anchorpoint responded that HKDAP combines on-chain and off-chain governance rather than relying solely on on-chain functions. Code-only analysis cannot capture the full structure, and third-party security specialists have reviewed the controls.
6. Implications for high-net-worth clients: A new era of compliant fund flows
HKDAP signals to high-net-worth crypto holders that compliant stablecoins have moved from concept into reality.
For clients with large Hong Kong crypto funding or cash-out needs, this means:
✅ Smoother banking access: Banks are more receptive to licensed stablecoin-issuer transactions than to offshore stablecoins
✅ Lower compliance risk: Every HKDAP transaction operates within a compliant framework with traceable fund sources
Initial institutional-only access nevertheless shows the ecosystem is still young. For clients needing fiat now, established compliant cash-out channels are more practical than waiting for retail stablecoin services.
A currency peg and issuer regulation do not eliminate market, operational or redemption risks. Verify current product information and official contract details with the issuer's whitepaper.
VBIT Hong Kong store enquiries
VBIT provides physical Crypto OTC services in Mong Kok, Tsim Sha Tsui, Causeway Bay and Kwun Tong. Trades are settled in HKD cash at our stores. USDT is available for cash out only; VBIT does not sell USDT to customers.
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