Hong Kong has advanced its regulated digital asset sector after the HKDAP stablecoin successfully completed a full Ethereum-based end-to-end transaction test on May 13, 2026, under the city's Stablecoins Ordinance framework. Anchorpoint Financial, operating under license designation FRS01, conducted the trial in collaboration with OSL Group and PantherTrade, with supervision from the Hong Kong Monetary Authority (HKMA). The test encompassed token issuance, fiat deposits, redemption into bank balances, and settlement operations, marking what participants described as the first real-world stablecoin operation under Hong Kong's Stablecoins Ordinance, which officially came into effect on August 1, 2025. The initiative represents a major step in Hong Kong's effort to establish a regulated digital asset environment centered on compliance and financial oversight.
Regulated Stablecoin Backed by Hong Kong Dollar Reserves
Standard Chartered Hong Kong provided custody and trust services throughout the transaction process, ensuring that the HKDAP stablecoin maintained a one-to-one peg with the Hong Kong dollar. The token remained fully backed by reserves held in Hong Kong dollars in accordance with HKMA regulatory requirements.
The stablecoin, formally known as HKD At Par, was designed to preserve direct parity with the Hong Kong dollar while maintaining reserve assets according to HKMA standards. The transaction workflow involved conversion of fiat currency into HKDAP tokens through the Ethereum blockchain, followed by a controlled settlement mechanism enabling redemption of the stablecoin back into traditional bank deposits.
The HKDAP test demonstrated a fully regulated blockchain settlement process linking fiat banking systems with Ethereum-based stablecoin infrastructure under Hong Kong's new digital asset framework. Anchorpoint Financial oversaw technical execution of the trial. The company was established in February 2025 as a joint venture involving Standard Chartered Hong Kong, HKT, and Animoca Brands, reflecting growing institutional participation in regulated blockchain infrastructure across Hong Kong's financial sector.
Industry Participants Prepare for Broader Adoption
OSL Group played a supporting role during the trial and indicated the project represented an important milestone for broader stablecoin deployment in the region. According to OSL Group Chief Executive Officer Kevin Cui, existing infrastructure was already capable of supporting stablecoin trading activity and cross-border transfers. He indicated that platforms including OSL StableHub and OSL BizPay could become part of a larger ecosystem connected to HKDAP operations. OSL Group stated plans to expand investments related to payments, liquidity management, and settlement capabilities connected to digital asset services.
PantherTrade, which operates as a subsidiary of Futu Group, also participated in the initiative. Zhu Guyi, global head of digital assets at Futu, stated that the project could help provide regulated access to Hong Kong dollar-based digital assets. The trial highlighted interoperability between blockchain settlement systems and traditional banking infrastructure, demonstrating how regulated digital tokens could support compliant financial operations.
Hong Kong Tightens Oversight of Stablecoin Sector
As stablecoin activity continues expanding, Hong Kong regulators have increased scrutiny over digital asset operations. The HKMA previously warned the public about fraudulent tokens using names associated with licensed issuers, including HKDAP and HSBC-related branding.
The HKDAP stablecoin is expected to move toward a phased public launch in the coming weeks as authorities continue balancing innovation with investor protection measures. Hong Kong's latest stablecoin initiative signals the region's ambition to become a leading hub for regulated digital asset infrastructure and compliant blockchain-based financial services.
