HKDAP pre-launch stablecoin tracker
HKDAP is Anchorpoint's HKMA-licensed HKD stablecoin, live on Ethereum in an institution-only beta through authorised distributors, with no public price path.
Phase
Current launch phase
Target launch
Earlier target retired
Target drift
H2 2026 target retired Oct 30, 2026
Since announcement
Announced Mar 2026
Live surfaces
Activates at launchPrice & peg · Supply & flows · Liquidity · Safety Score · DEWSAnchorpoint's HKMA-Licensed HKD Stablecoin
HKDAP is Anchorpoint's HKD stablecoin, issued under an HKMA stablecoin issuer licence effective April 10 2026. Standard Chartered Trustee (Hong Kong) Limited holds its HKD reserve assets on trust for holders. It has been live on Ethereum since August 12, when Anchorpoint's own release opened Beta Access through authorised distributors for institutions, corporate clients and professional investors. Supply reached 103.1 million HKDAP across 14 holder addresses on November 1 2026, roughly a hundred times the late-September float. About 87.0 million of that was minted on October 30. The same day Anchorpoint announced exploratory partnerships with Mastercard and Visa, starting with settlement options for card issuers, but gave no launch date or volumes. No accepted source returns a price for HKDAP, which keeps the coin outside Pharos runtime coverage. Anchorpoint's unaudited weekly figures for October 30 show reserves slightly above circulation; independent is promised only after full launch. BlockSec's August 14 review of the deployed contract found that the KYC proof is discarded, so any proof, including an empty string, passes. A single key can mint, burn, pause or freeze, two keys control all upgrades and roles, and no timelock guards any of those powers. Build artifacts point to a pre-production deployment. The durable constraint is that contract: until it is upgraded or replaced, the licensed token runs on code carrying those findings.
· AI summary · drafted by claude-opus-5-5 · facts as of 2026-11-01
AI policyHKDAP Launch path
Beta phase, earlier target retired, none set; 21 milestones logged since Mar 2026.
Target history (2)
- Q2 2026retired Jun 7, 2026
- H2 2026retired Oct 30, 2026
Launch status narrative
HKMA-licensed stablecoin issuer FRS01, effective April 10 2026; JV between Standard Chartered, HKT, and Animoca Brands; 1:1 backed by HKD-denominated high-quality liquid assets, which Standard Chartered Trustee (Hong Kong) Limited holds on trust for HKDAP holders. On May 13 2026, Anchorpoint, OSL Group, and PantherTrade completed a full-lifecycle test transfer on Ethereum mainnet (fiat funding, reserve, mint, transfer, full redemption) without putting tokens into circulation, confirming Ethereum as the deployment chain. The original end-of-Q2 2026 phased rollout target closed on June 30, 2026 with no public circulating token. On July 21 2026 Caixin reported, citing people familiar with the plans, that Anchorpoint will launch HKDAP within the month with distribution through licensed exchanges OSL and HashKey, which are already testing payment and fund use cases. The July window then closed without a launch: on August 3 2026 Standard Chartered CEO (HK) Mary Huen said work continues since the April licence, public-blockchain testing is ongoing, and the HKDAP launch announcement is now expected within August 2026, with a B2B2C distributor model whose distributor list follows the formal launch. The August window was met: on August 11 2026 OSL Group announced it was among the first key authorised distributors under an HKDAP beta access programme, and on August 12 2026 HashKey Exchange joined as a distributor and reported completing an initial mint-and-redemption cycle including fiat conversion both ways. Access is restricted to institutions, corporate clients, and professional investors, with retail targeted no earlier than late 2026, a target CEO Dominic Maffei declined to reaffirm on October 25 2026. Anchorpoint's own release of August 12 2026 announced the phase 1 rollout through Beta Access for institutional distributors and professional investors. Anchorpoint disclosed neither the first-transaction value nor the admitted client count, but the deployment is now identified: HKDAP is an upgradeable ERC-20 at 0x87622385F960fcCB3121d6D0A9513bd1D9Bed6cA on Ethereum (6 decimals, name "HKD At Par"), carrying a supply of 527,199.52 HKDAP as of August 29 2026, which held flat through August 31 and then rose across the first week of September to 698,833.91 HKDAP (about $89.1K) on September 6 2026 and 875,549.91 HKDAP (about $111.6K) on September 12 2026, then 1,006,889.91 HKDAP (about $128.3K) on September 20 2026, flat since September 18. On September 14 2026 Payment Asia Group reported the first named commercial use: a full fund-mint-pay-reconcile-redeem-burn cycle with OSL as distributor, settling ShipAny logistics fees and Flow hospitality employee benefits, without disclosed amounts. Standard Chartered became the first bank distributor on August 24 2026, with Finloop, Yunfeng Financial, and a Bank of East Asia memorandum following on August 25-28, and on September 15 2026 Anchorpoint launched the Tokenised Money Adoption Programme with PwC Hong Kong as inaugural strategic partner. Supply reached 1,006,889.91 HKDAP (about $128.3K) on September 27 2026, roughly double August 27, with ten holder addresses and no remediation of the BlockSec findings announced. It then rose to about 16.1 million HKDAP by October 23 and, after Ethereum mints of about 87.0 million on October 30, to 103,102,419.91 HKDAP across 14 holders on November 1 2026. On August 14 2026 BlockSec published a contract review reporting that the KYC proof argument is discarded so any proof passes, that de-registering a compromised KYC provider does not stop wallets it onboarded, that a single key can mint, burn, pause, or freeze while two keys control all upgrades and roles, and that debug logging, a zero-run optimizer, and uploaded test files suggest a pre-production build was deployed to mainnet. DefiLlama began tracking HKDAP as stablecoin id 437 on August 27 2026, reporting circulating supply consistent with the on-chain figure. Supply is therefore now measurable, but no accepted source returns a price: the DefiLlama list price field is null, coins.llama.fi resolves neither the Ethereum contract nor the CoinGecko id, and anchorpoint-hkd-at-par remains a preview listing with zero supply and no platforms. Pharos holds HKDAP pre-launch until a fetchable price path exists.
Launch status: quick answers
- When will HKDAP launch?
- Pharos records HKDAP in the beta phase. It was announced in Mar 2026. An earlier target was retired and no target date is set. Targets come from issuer statements; Pharos does not estimate launch dates.
- Who issues HKDAP?
- HKDAP is Anchorpoint's HKMA-licensed HKD stablecoin, live on Ethereum in an institution-only beta through authorised distributors, with no public price path.
- Is HKDAP live yet?
- Pharos lists HKDAP as pre-launch (the beta phase): no price and market-cap source is admitted for it yet, so Pharos shows no price, supply, liquidity or Safety Score. Live tracking starts once both can be verified.
- Which chains will HKDAP use?
- The registry records HKDAP deployments on Ethereum.
HKDAP Activity
- Milestone
Anchorpoint completes self-hosted wallet verification pilot
Anchorpoint completed an Open Wallet Verification Framework pilot with Terminal 3 for HKDAP transfers from self-hosted wallets.
Source - Partnership
Anchorpoint and Solana Foundation plan native HKDAP minting and redemption on Solana
Anchorpoint announced its first collaboration with a public blockchain foundation: HKDAP is to be natively minted and redeemed on Solana, supporting retail access, payments and tokenised RWA use cases. No launch date was given; HKDAP remains in institutional beta on Ethereum.
Source - Partnership
Anchorpoint partners with Mastercard and Visa to explore HKDAP settlement
Anchorpoint announced strategic partnerships with Mastercard and Visa to explore enabling HKDAP as a supported stablecoin on both card networks, starting with settlement options for card issuers. Mastercard said it would explore HKDAP use cases through its Global Money Platform, which combines its payments network with BVNK's stablecoin infrastructure. The release gives no launch date or volumes.
Source - Milestone
HKDAP circulation rises to about 103.1 million
Anchorpoint's weekly transparency figures as of October 30 2026 show 103,102,420 HKDAP in circulation against reserves of 104,206,693, with 103,496,769 issued and 1,501,270 redeemed over the prior 30 days. Ethereum mints of about 87.0 million HKDAP on October 30 account for the rise from about 16.1 million. DefiLlama tracks the same supply but still carries no price for HKDAP.
Source - Delay
Anchorpoint CEO declines to reaffirm end-2026 retail target
Chief executive Dominic Maffei said Anchorpoint still intends to offer HKDAP to retail users on a public blockchain but declined to confirm a launch date or reaffirm the previous target of retail access as early as the end of 2026, days after HSBC launched RedCoin on PayMe. Institutional beta access continues.
Source
Earlier activity (16)
- Milestone
HKDAP supply rises to about 16.1 million
DefiLlama shows HKDAP circulating supply stepping from about 1.0 million to about 6.1 million on October 3 2026 and to about 16.1 million on October 23 2026. DefiLlama still carries no price for HKDAP.
Source - Partnership
Finloop and QFPay HK complete an HKDAP payment transaction with Anchorpoint
Finloop Finance, an HKDAP distributor, and payment provider QFPay HK announced a collaboration with Anchorpoint and a completed payment transaction using HKDAP. No amount was disclosed.
Source - Milestone
HKDAP circulating supply roughly doubles to about 1.01 million HKDAP; still no price field
DefiLlama stablecoin id 437 and the Ethereum contract both show 1,006,890 HKDAP outstanding on September 27 2026, up from about 527,200 on August 27, across ten holder addresses, including a one-day 3.16 million mint-and-burn snapshot on September 25 that reverted within a day. DefiLlama's price field remains null and CoinGecko carries a preview listing with zero supply, so no runtime price path exists.
Source - Partnership
Anchorpoint launches Tokenised Money Adoption Programme with PwC Hong Kong as inaugural partner
Anchorpoint announced TAP, an industry initiative for education, research, and dialogue on tokenised money in Hong Kong, with PwC Hong Kong signing on as inaugural strategic partner. HKDAP remains in institutional beta; no retail launch, contract upgrade, or BlockSec remediation accompanied the programme.
Source - Milestone
Payment Asia settles logistics and hospitality invoices in HKDAP through OSL
Payment Asia Group announced a completed business-to-business settlement cycle using HKDAP with OSL Group as distributor and Anchorpoint as issuer: fiat funding, minting, payment, same-day reconciliation, redemption, and burn. Use cases named are service-fee settlement with logistics partner ShipAny for POS terminal deliveries and employee benefits through the hotel booking agency Flow. No transaction values or client counts were disclosed, and the release gives no retail timing.
Source - Milestone
DefiLlama begins tracking HKDAP, giving the token its first public circulating-supply figure
DefiLlama adds HKDAP as stablecoin id 437 (peggedHKD, fiat-backed), reporting circulating supply of roughly 527,200 HKDAP. The figure matches the on-chain total supply of the Ethereum deployment at 0x87622385F960fcCB3121d6D0A9513bd1D9Bed6cA. No price field is populated on the listing.
Source - Partnership
Standard Chartered becomes the first bank distributor of HKDAP
Standard Chartered announced it will distribute HKDAP to corporate and institutional clients, the first bank to take a distributor role, widening a network that already included OSL Group and HashKey Exchange; Anchorpoint's press page then added Finloop (August 25), Yunfeng Financial (August 26), and a Bank of East Asia memorandum (August 28).
Source - Audit
BlockSec publishes HKDAP contract security review flagging KYC and key-control defects
BlockSec reports that the KYC proof argument is passed in but discarded so any proof including an empty string passes, that an isActive logic error lets wallets onboarded by a de-registered KYC provider keep transacting, and that a single key can mint, burn, pause, or freeze while two keys control all upgrades and roles, with no timelocks or multi-signature requirements on high-risk operations. Debug logging left in the proxy fallback, an optimizer set to zero runs, and test files uploaded to Etherscan indicate a pre-production build was deployed to mainnet.
Source - Milestone
Anchorpoint begins HKDAP phase 1 rollout through Beta Access
Anchorpoint began the phase 1 rollout of HKDAP via Beta Access for institutional distributors and professional investors, after minting and live transfer tests on a public blockchain in the second quarter. Authorised distributors convert between HKDAP and fiat for institutions, corporate users and professional investors; broader retail adoption is targeted as early as end-2026, depending on market conditions.
Source - Partnership
HashKey joins as distributor and completes first mint and redemption
HashKey Exchange joined OSL Group as an authorised HKDAP distributor and reported completing an initial minting and redemption cycle for eligible clients, including fiat conversion into and out of the stablecoin. Circulating supply, first-transaction value and admitted client count were not disclosed.
Source - Milestone
OSL Group named among first authorised distributors for HKDAP beta access
OSL Group announces it is among the first key authorised distributors for HKDAP under Anchorpoint's beta access programme, with intended use cases spanning tokenised funds, trade finance, and cross-border payments. Distribution is limited to institutional and professional investors.
Source - Delay
End-of-July window missed; Standard Chartered expects HKDAP launch announcement within August
Standard Chartered Hong Kong CEO Mary Huen confirms work has continued since the April licence with public-blockchain testing ongoing; the launch announcement is now expected within August 2026 under a B2B2C distributor model, with the distributor list to follow the formal launch.
Source - Milestone
Caixin reports HKDAP launch planned within July, distributed via OSL and HashKey
Citing people familiar with the matter, Caixin reports Anchorpoint will launch HKDAP this month, with licensed exchanges OSL Group and HashKey Exchange distributing it and already testing online-payment and digital-asset-fund use cases. A joint Standard Chartered / Anchorpoint announcement is said to be roughly two weeks out. No official issuer confirmation and no deployment contract address published.
Source - Testnet
HKDAP completes full-lifecycle test transfer on Ethereum mainnet with OSL Group
Anchorpoint and OSL Group execute an end-to-end production-grade test (fiat funding, reserve, mint, transfer, full redemption) on Ethereum mainnet; tokens were not placed into public circulation. Confirms Ethereum as the deployment chain.
Source - Regulatory
HKMA warns of fake HKDAP and HSBC tokens; confirms no licensed issuer has tokens in circulation
Source - Regulatory
HKMA grants stablecoin issuer licence to Anchorpoint Financial
The HKMA grants Anchorpoint Financial Limited a stablecoin issuer licence under the Stablecoins Ordinance, effective April 10 2026.
Source
Featured coverage
Anchorpoint to explore enabling HKDAP across Mastercard and Visa networks
Anchorpoint's October 30 2026 release on exploratory partnerships with Mastercard and Visa, starting with settlement options for card issuers.
Anchorpoint commences institutional rollout of HKDAP via Beta Access
Anchorpoint's own August 12 2026 release starting phase 1 of HKDAP for institutional distributors and professional investors.
HKDAP Stablecoin Security Review: Live, Licensed, Not Ready
BlockSec reviews the deployed HKDAP contract and finds discarded KYC proofs, ineffective provider revocation, single-key mint/burn/pause/freeze authority, and pre-production build artifacts on mainnet.
Standard Chartered-led Anchorpoint launches Hong Kong dollar stablecoin
Anchorpoint begins a limited HKDAP rollout focused on institutional payments and settlement, with HashKey Exchange and OSL Group as authorised distributors and retail access possible as early as end-2026.
Standard Chartered-backed Anchorpoint eyes August HKDAP stablecoin rollout
After missing the end-of-July window, Standard Chartered says the HKDAP launch announcement is expected within August 2026, with public-blockchain testing ongoing and a B2B2C distributor model.
Animoca-backed Anchorpoint to launch regulated HKD stablecoin HKDAP
Standard Chartered, HKT, and Animoca Brands JV receives first HKMA stablecoin license for HKD-pegged HKDAP.
OSL and Anchorpoint complete HKDAP stablecoin test transfers on Ethereum
Anchorpoint and OSL Group complete a full-lifecycle HKDAP test on Ethereum mainnet: fiat funding through mint, transfer, and redemption, ahead of a phased Q2 2026 launch.
Standard Chartered-backed venture said to launch Hong Kong stablecoin this month
Caixin reports Anchorpoint will issue HKDAP within July 2026, distributed through OSL and HashKey, ahead of a joint announcement with Standard Chartered.