Pharos can still tell you how this asset is supposed to work, when it expects to launch, and what sources to watch. Live market, peg, liquidity, and safety surfaces activate only after the first post-launch data sync.
First licensed HKD stablecoin under Hong Kong's Stablecoins Ordinance; JV between Standard Chartered, HKT, and Animoca Brands; 1:1 backed by HKD-denominated high-quality liquid assets; phased B2B2C rollout targeting Q2 2026 for RWA settlement and cross-border payments
HKDAP
HKDAP
At a Glance
- Backing
- Real-World Asset Backed
- Governance
- Centralized (CeFi)
- Peg Currency
- Other
- Jurisdiction
- Hong Kong (HKMA (Stablecoins Ordinance))
Launch Timeline
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HKMA awards first stablecoin license to Anchorpoint Financial
Standard Chartered / HKT / Animoca Brands JV becomes first licensed HKD stablecoin issuer under Hong Kong's Stablecoins Ordinance.
SourceHong Kong's First Licensed Dollar
HKDAP is what happens when Standard Chartered, Hong Kong's largest telco (HKT), and Animoca Brands form a joint venture to build the first stablecoin licensed under the HKMA's Stablecoins Ordinance — a regulatory framework that went from proposal to law faster than most jurisdictions manage a consultation paper. The HKD peg is backed by high-quality liquid assets in segregated accounts, which is regulatory-speak for 'we learned from Tether's early years.' The B2B2C model targeting RWA settlement and cross-border payments positions HKDAP as infrastructure for Hong Kong's push to become Asia's regulated digital asset hub. Whether the consortium structure — a bank, a telco, and a gaming company — can move at stablecoin speed rather than committee speed is the operational question nobody has answered yet.
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