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A stablecoin is a type of digital asset that is designed to maintain a stable value, usually on a one-for-one basis relative to the price of certain assets (typically fiat currencies such as USD, HKD, etc), backed by a basket of financial assets or instruments. Currently, there are a wide variety of stablecoins existing globally, which may or may not be regulated and have varying levels of transparency and risk management standards.

Stablecoin in Hong Kong

The Stablecoins Ordinance (Cap. 656) officially took effect on 1 August 2025 providing Hong Kong Monetary Authority with the supervisory and enforcement framework over activities in Hong Kong involving stablecoins. Only entities granted a stablecoin issuer licence (for example, Anchorpoint) under the Stablecoins Ordinance (Cap. 656) can issue regulated, fiat-referenced stablecoins, and persons carrying on activities involving unregulated stablecoins may constitute an offence.

HKDAP (“HKD At Par”) is the HKD-referenced stablecoin issued by Anchorpoint with a par value of HK$1.00 each that operates on supported public blockchain networks. Issued under Hong Kong Monetary Authority’s oversight, HKDAP is backed by a pool of high-quality, highly liquid reserve assets, the value of which is required to be at least 100% of the par value of all HKDAP in circulation.

HKDAP (“HKD At Par”) is the HKD-referenced stablecoin issued by Anchorpoint with a par value of HK$1.00 each that operates on supported public blockchain networks. Issued under Hong Kong Monetary Authority’s oversight, HKDAP is backed by a pool of high-quality, highly liquid reserves, as stipulated by the Stablecoins Ordinance and could encompass one or more of the asset types permissible under HKMA’s guideline, the value of which is required to be at least 100% of the par value of all HKDAP in circulation.

Generally, HKDAP can be obtained, held, and used by all types of stakeholders – ranging from financial institutions, corporates, small-medium enterprises, merchants, and individuals – provided that they do not violate any of the customary eligibility requirements in the Terms and Conditions for HKDAP:
• For example, certain jurisdictions prohibit the use of cryptocurrencies, digital assets, or stablecoins by its citizens or residents – in which case HKDAP’s Authorised Distributors will not permit access to HKDAP for users from these jurisdictions.

We will open up eligibility and access to HKDAP along with our launch phases:
• Beta access (upcoming): corporates and Professional Investors (PIs) only
• Full launch (post-Beta): expand to cover retail individuals.