Hong Kong’s First Licensed Stablecoin HKDAP Successfully Completes Ethereum Mainnet Trial

HKDAP, Hong Kong's officially licensed stablecoin backed by the region’s financial regulators, has achieved a major breakthrough by minting and redeeming new tokens on the Ethereum mainnet in a successful test. Led by Anchorpoint Financial in partnership with OSL Group and PantherTrade—a subsidiary of Futu Holdings—the trial validated the full lifecycle of HKDAP tokens, which are fully collateralized by Hong Kong dollar deposits. This milestone underscores Hong Kong's strategic push to pioneer regulated digital asset infrastructure, positioning the stablecoin for broader institutional adoption as the city cements its status as a global fintech hub.

Background and corporate alliances

Leading the stablecoin’s trial, Anchorpoint Financial has recently secured a stablecoin issuance license from the Hong Kong Monetary Authority. Its partners include Standard Chartered Hong Kong, Hong Kong Telecom, and Animoca Brands, bringing together both traditional finance and next-generation blockchain technologies under the HKDAP project.

During the test phase, Standard Chartered provided its infrastructure and custodial services. It was emphasized that every HKDAP token minted and transferred is fully asset-backed. This clear asset backing sets HKDAP apart from unregulated projects and is designed to bolster user confidence.

OSL Group played an active role in the transfer test and will continue its involvement in future issuance processes. Kevin Cui, CEO of OSL Group, explained that OSL has built a comprehensive trading infrastructure for stablecoins. StableHub streamlines foreign exchange and stablecoin transactions, BizPay supports cross-border institutional payments, and Banxa gives users easy deposit and withdrawal channels for stablecoins.

These solutions are intended to provide OSL’s clients and partners with robust services, creating a sustainable infrastructure for the wider stablecoin ecosystem.

Another participant in the test was PantherTrade, a wholly owned subsidiary of Futu Holdings. Zhu Guyi, PantherTrade’s Head of Digital Assets, underscored the importance of regulatory-compliant digital assets for institutional investors and noted that this partnership will offer Futu’s broad investor network stable and efficient Hong Kong dollar-based stablecoin solutions.

Glossary: Anchorpoint Financial is a Hong Kong-based fintech startup focused on building crypto asset infrastructure and developing stablecoin products, known for its partnerships with established financial institutions.

Kevin Cui remarked that thanks to OSL’s comprehensive stablecoin infrastructure and payment channels, the company can deliver niche, sustainable services to its clients, and that rising regulatory clarity will further strengthen the ecosystem.

Structured rollout and next steps

Dominic Maffei, CEO of Anchorpoint Financial, described the completion of minting and transfer tests for HKDAP in partnership with OSL as an important first step. He added that the HKDAP stablecoin will be rolled out gradually by the end of Q2 2026, supporting both payments and cross-border capital flows.

Maffei highlighted that tokenization offers a secure, efficient, and regulated form of digital money, which aligns with Hong Kong’s vision of becoming a global hub for digital assets.

With regulatory clarity, strong institutional support, and rapid integration, the backbone of Hong Kong’s stablecoin ecosystem is coming into place. OSL, Anchorpoint Financial, and other industry participants will continue working together toward the public release of HKDAP.

Ultimately, the goal is to give users seamless and secure transitions between fiat money and digital assets, speed up cross-border payments, and drive adoption of the tokenized ecosystem.

Regional significance of HKDAP

The Ethereum mainnet trial demonstrates that Hong Kong’s stablecoin licensing framework is now operational. The successful completion sets a precedent for other regulated stablecoin initiatives in the region to follow.

Moving forward, HKDAP’s performance in real-world payment environments will be closely watched after official launch. The project also offers a template for regulated stablecoin initiatives throughout Asia.