Standard Chartered-backed Anchorpoint delays HKDAP stablecoin rollout

Mary Huen, CEO of Standard Chartered Hong Kong and Greater China and North Asia, confirmed that an official announcement is expected within the month. Despite the timeline shift, technical development has persisted, with the firm prioritizing public blockchain testing to ensure the stablecoin can handle international settlements. These transactions are designed to bypass the limitations of traditional banking systems, which often struggle with 24/7 availability and high transaction costs.

Anchorpoint will employ a business-to-business-to-consumer distribution model rather than interacting directly with retail users. The firm plans to appoint authorized partners to handle the issuance to corporate and institutional clients, including small enterprises and fund managers. While market speculation has linked OSL Group and HashKey Exchange to these distribution roles, Anchorpoint maintains that an official list of partners will only be disclosed following the commercial launch. Each HKDAP token will be backed one-to-one by Hong Kong dollar reserves held in segregated accounts to satisfy the requirements set by the Hong Kong Monetary Authority.