Hong Kong’s first officially approved stablecoin project, known as HKDAP, has successfully completed its trial transfer on the Ethereum mainnet. This digital currency, set for phased issuance by the end of the second quarter of 2026, marks a significant milestone in Hong Kong’s efforts to strengthen digital finance and blockchain regulations.
Successful trial run on Ethereum
Spearheaded by Anchorpoint Financial, the HKDAP stablecoin is pegged to the Hong Kong dollar. Following approval from the Hong Kong Monetary Authority for a stablecoin issuance license, Anchorpoint took the lead in the project, with support from authorized trading platforms OSL Group and PantherTrade by Futu Holdings.
During the tests on Ethereum’s mainnet, Hong Kong dollar funds were first converted into collateral assets. The equivalent digital currency was then minted, transferred between wallets, and ultimately fully redeemed. The trial concluded with a complete reverse transaction, demonstrating the entire cycle’s security and operability.
OSL Group announced that it will support Anchorpoint Financial and partners in upcoming preparations by providing payment services, trading infrastructure, and liquidity solutions, underlining its commitment to the development of a stablecoin-powered blockchain ecosystem.
At the end of testing, all HKDAP tokens created were verified to be fully backed by collateral, and were redeemed in entirety. This step underscored the reliability and stability of the stablecoin’s operational framework.
Mini glossary: Anchorpoint Financial is a regulated financial institution in Hong Kong licensed to issue stablecoins by the central bank. A stablecoin is a blockchain-based digital currency whose value is typically pegged to a traditional fiat currency—in this case, the Hong Kong dollar.
The official token issuance is slated for a gradual rollout, beginning and unfolding progressively through the end of Q2 2026. Authorities emphasize that the gradual approach aims to ensure oversight and controlled market entry.
Expansion of digital assets in Hong Kong
In April 2026, Hong Kong granted its inaugural stablecoin licenses to HSBC and Anchorpoint Financial, signaling the city’s commitment to proactive blockchain and digital finance regulation. The HKDAP trial represents a formal functional validation for asset-backed stablecoin operations in the jurisdiction.
Looking ahead, OSL Group has committed to supporting Anchorpoint and other participants with liquidity, payment processing, and transaction infrastructure. The company already powers stablecoin transactions with OSL StableHub, business payments with OSL BizPay, and facilitates digital asset deposits and withdrawals via Banxa.
Zhu Guyi, Head of Digital Assets at Futu Holdings, affirmed that PantherTrade and Futu Holdings will continue their support for the stablecoin project. This collaboration aims to deliver investors a regulated and secure Hong Kong dollar stablecoin solution.
Additionally, OSL Group highlighted HKDAP’s potential to speed up cross-border payments and enhance the security of digital asset transfers. The company anticipates that the new stablecoin could accelerate adoption of tokenized financial products in Hong Kong’s market.
Amidst global debate about stablecoin regulations, Hong Kong is accelerating its drive to establish a secure, well-regulated crypto ecosystem. The successful HKDAP trial on Ethereum is seen as a pivotal step for the city’s financial innovation.
