Anchorpoint Financial has launched HKDAP, the first regulated Hong Kong dollar stablecoin, marking the start of Hong Kong’s local-currency stablecoin market with access limited to institutions, corporate clients and professional investors. The token opened on Aug. 12, while retail participation is being deferred, with access expected around the end of 2026 although the firm has not committed to a date. The Hong Kong Monetary Authority (HKMA, the city’s banking regulator) approved only two issuers from 36 applications submitted before the window closed in September 2025: HSBC and Anchorpoint, which holds licence FRS01. Anchorpoint is a subsidiary of Standard Chartered Bank (Hong Kong), with HKT and Animoca Brands as venture partners, while HashKey Exchange and OSL Group are handling distribution. The city’s Stablecoins Ordinance imposes tight safeguards, including HK$25 million in paid-up capital, segregated reserves, redemption at face value within one business day and a ban on interest, while limiting public distribution to licensed issuers, banks and regulated platforms. The launch comes as Hong Kong pushes a regulated alternative in a market worth roughly $300 billion, where Tether alone accounts for about 61%, yet the city is doing so with a currency that has been pegged to the US dollar since 1983 and in a segment where no non-dollar coin has ever scaled.