Solana Foundation, the US-based non-profit supporting the Solana blockchain, has entered into a strategic partnership with Anchorpoint Financial Limited to introduce a Hong Kong dollar-linked stablecoin, HKDAP, for retail payments and tokenized asset trading in Hong Kong.
The partnership and its players
Anchorpoint Financial Limited is a consortium backed by Standard Chartered Bank (Hong Kong), telecom operator HKT, and Animoca Brands. The company holds an FRS01 license from the Hong Kong Monetary Authority (HKMA), a requirement for stablecoin issuers following recent regulatory changes.
This agreement marks the first direct collaboration between Solana Foundation and a public blockchain foundation for the local launch of a stablecoin product. The deal is structured to comply fully with Hong Kong’s regulatory framework.
Mini dictionary: Anchorpoint Financial Limited is a licensed financial issuer in Hong Kong, established by a consortium including Standard Chartered Hong Kong, HKT, and Animoca Brands, to issue HKDAP stablecoins under HKMA regulation.
Regulatory changes and stablecoin oversight
The partnership is grounded in Hong Kong’s new Stablecoins Ordinance, effective from August 1, 2025. The law requires all fiat-referenced stablecoin issuers to hold an HKMA license, back tokens with high-quality liquid assets, and allow redemption at par value.
HKDAP is fully pegged to the Hong Kong dollar, which itself is pegged to the US dollar within a 7.75 to 7.85 trading band. This structure effectively provides a new instrument for dollar-linked transactions, but outside of direct US regulatory oversight.
| Stablecoin | Pegged Currency | Issuing Jurisdiction | Backing Requirement | License Needed |
|---|---|---|---|---|
| HKDAP | HKD (pegged to USD) | Hong Kong | Fully backed by liquid reserves | HKMA FRS01 |
| USDT | USD | Various (outside Hong Kong) | Claims full or partial backing | Varies by jurisdiction |
Solana’s infrastructure and expansion
Solana’s blockchain is widely known for its speed and capacity, and is already a leading platform for stablecoins and tokenized real-world assets (RWAs). According to data from rwa.xyz as of October 30, 2026, the total RWA volume on Solana is $18.89 billion, with $14.13 billion of that in stablecoins. Monthly transfer volume among 13.56 million addresses reached $370.94 billion.
Mini dictionary: Real-world assets (RWA) on blockchain refer to the tokenization of physical or traditional financial assets, like bonds or real estate, for on-chain trading and settlement.
Strengthening its presence, Solana Foundation will participate in Hong Kong’s government sandbox program OASES, open a local branch, and launch the TAP tokenization initiative in collaboration with PricewaterhouseCoopers (PwC).
Implications for the market
This infrastructure aims to open legal pathways for large capital flows and enable institutions to access Hong Kong dollar liquidity directly via blockchain rails.
While China’s mainland authorities continue to test the digital yuan only within tightly controlled zones, Hong Kong offers clearer rules for private entities to participate in digital asset innovation.
Standard Chartered Bank and its partners now have a compliant settlement solution within Hong Kong, while international markets gain direct access to Hong Kong dollar-backed liquidity through the Solana network.
This partnership represents a major step for Solana Foundation and provides a significant signal to the digital asset industry about Hong Kong’s regulatory ambitions.
