Anchorpoint has begun the first phase of HKDAP's rollout, launching the Hong Kong dollar-backed stablecoin first for institutions and professional investors. The issuer was created as a joint venture involving Standard Chartered's Hong Kong unit, Animoca Brands and HKT. HKDAP is being introduced in stages, with the initial focus on institutional and professional use cases such as payments, fiat conversion and settlement for tokenized assets. Earlier updates said authorized distributors including HashKey Exchange and OSL were participating in the beta launch, offering minting, redemption, trading and fiat on- and off-ramp services. HKDAP, or HKD At Par, is designed to maintain a one-to-one value with the Hong Kong dollar as Hong Kong develops its regulated stablecoin market under the licensing regime that took effect on Aug. 1, 2025.