Standard Chartered-Backed Venture Said to Launch Hong Kong Stablecoin This Month

Anchorpoint Financial Ltd., a joint venture led by Standard Chartered Bank (Hong Kong) Ltd., will launch a regulated Hong Kong dollar-pegged stablecoin this month, people familiar with the matter told Caixin. 

The move is expected to advance the city’s ambitions to become a premier global digital asset hub.

The token, dubbed HKDAP, will be distributed through licensed crypto exchange operators including OSL and HashKey, sources with knowledge of the matter said. These platforms are slated to begin testing as early as this month to explore real-world applications, such as online payments and digital asset funds.