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Anchorpoint Financial has rolled out its Hong Kong dollar-backed stablecoin to institutional distributors and professional investors after receiving the license in April, as it eyes broader retail adoption by the year-end.
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The company, backed by Standard Chartered Bank (Hong Kong), HKT, and Animoca Brands, has launched HKDAP, or HKD At Par, enabling initial distributors and users to begin integrating the regulated token into commercial applications, according to a statement on Wednesday.
In the first phase, authorized distributors will offer conversion between HKDAP and fiat currency for institutions, corporate users, and professional investors, leveraging their existing client networks to integrate the stablecoin into a wide range of commercial and financial activities.
The initial focus is on enabling use cases that deliver tangible benefits in the real economy, including cross-border payments and the settlement and distribution of tokenised real-world assets, the issuer said.
With its native 24/7 transfer and settlement capabilities, the stablecoin has the potential to reduce transaction time and cost for end users while improving transaction predictability, liquidity and operational efficiency for participating institutions and service providers, it added.
Anchorpoint said it has worked closely with regulators and industry participants in preparation for the launch while successfully minting and conducting live transfer tests of HKDAP on a public blockchain in the second quarter.
