Standard Chartered-Led Venture Launches Hong Kong’s First Regulated Stablecoin

Anchorpoint, a joint venture led by Standard Chartered Bank (Hong Kong) Ltd., on Wednesday launched Hong Kong’s first regulated, fiat-backed stablecoin, initially making it available through institutional distributors to corporate clients and professional investors.

The debut of HKDAP marks a milestone in Hong Kong’s effort to build a regulated digital-asset ecosystem. But broad adoption is likely to face headwinds, including a ban on virtual-currency trading on the Chinese mainland and the dominance of established global stablecoins.