Anchorpoint weighs retail stablecoin launch after HSBC RedCoin debut
Oct 26, 2026
Standard Chartered-backed Anchorpoint has maintained plans to launch its Hong Kong dollar stablecoin for retail customers on a public blockchain, but has declined to commit to a release date after HSBC introduced RedCoin to PayMe users.
Anchorpoint keeps retail stablecoin launch date open
The announcement came shortly after HSBC introduced its Hong Kong dollar-backed RedCoin stablecoin through PayMe, bringing the product to an existing customer base of approximately 3.3 million users.
As crypto. news previously reported on October 23, the bank began a phased rollout allowing customers to activate RedCoin wallets, transfer money to other users, and make payments to participating merchants.
Public blockchain payments remain central to Anchorpoint’s plans
Anchorpoint intends to develop HKDAP as a payment instrument for transactions involving companies, financial institutions, merchants, and individuals.
According to the company’s official stablecoin documentation, HKDAP maintains a one-to-one value against the Hong Kong dollar, backed by eligible reserve assets under the city’s regulatory requirements.
The institutional beta currently operates on Ethereum, although access remains restricted to eligible corporate customers and professional investors.
Users seeking direct wallet transfers must complete verification procedures. The token’s smart contracts reject transfers to unverified addresses, allowing the company to maintain compliance controls while operating on public blockchain infrastructure.
Standard Chartered expands Hong Kong stablecoin infrastructure
Anchorpoint began its institutional HKDAP rollout in August, offering eligible businesses and professional investors access to payments, fiat conversion, and settlement involving tokenized financial assets.
The venture was established by Standard Chartered Bank (Hong Kong), Animoca Brands, and telecommunications company HKT after their participation in the Hong Kong Monetary Authority’s stablecoin issuer sandbox.
Its initial distribution arrangements included HashKey Exchange, which completed a transaction involving HKDAP issuance and redemption during the institutional launch.
Hong Kong’s stablecoin market moves toward retail adoption
Anchorpoint and HSBC received Hong Kong’s first stablecoin issuer licenses in April 2026, following the implementation of the Stablecoins Ordinance in August 2025.
The regulatory framework requires licensed issuers to maintain eligible reserves, meet redemption obligations, and comply with governance and financial crime prevention standards.
HSBC’s RedCoin rollout began with payments through its established PayMe application, while Anchorpoint’s institutional product is available through approved distribution partners.
Anchorpoint’s published FAQs continue to describe a full launch as potentially taking place by the end of 2026, subject to the readiness of issuance, distribution, custody, and other supporting infrastructure.
The company has not announced a firm date for making HKDAP available to individual retail customers.
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