Anchorpoint says HKDAP stablecoin will launch on Solana under HKMA licence

Key points

• Anchorpoint is licensed by the Hong Kong Monetary Authority to issue Hong Kong dollar-backed stablecoins.
• The consortium is led by Standard Chartered, with Animoca Brands and HKT taking part.
• HKDAP will support native minting and redemption on Solana with near-instant settlement.

Anchorpoint, the Standard Chartered-led consortium licensed by the Hong Kong Monetary Authority, has taken its first steps to bring the HKDAP stablecoin to Solana.

Anchorpoint, whose partners include Animoca Brands and HKT, said the tie-up is meant to widen the stablecoin's international reach and bolster Hong Kong's standing as a treasury and capital markets centre.

The consortium also wants to push HKDAP beyond retail payments, giving users access to the token and to HKDAP-enabled tokenised products through Solana. Dominic Maffei, Anchorpoint's co-founder and CEO, said the collaboration joins regulated tokenised money infrastructure with a leading public blockchain, and hinted at deployments on further networks.

Lu Yin, head of APAC at the Solana Foundation, said HKDAP on Solana could make Hong Kong dollar-denominated digital value more accessible across real-world uses. The move follows HSBC's launch of RedCoin, another Hong Kong dollar-pegged stablecoin, which reached retail users through the PayMe payment app and its 3.3 million users.

Read the full story on Bitcoin.com News →