A Standard Chartered-led joint venture kicked off institutional use of Hong Kong dollar-backed stablecoins on Wednesday, a year after the city put its stablecoin law into effect as part of an effort to become a global hub for digital assets. Retail use of the regulated cryptocurrency was expected “as early as end-2026”, subject to market conditions, said Anchorpoint Financial, a Hong Kong-licensed stablecoin issuer, in a statement on Wednesday. HKDAP stands for “Hong Kong dollar at par”, the company said. “Anchorpoint has been executing its phased approach in a prudent and structured manner,” the statement said. Anchorpoint’s plans were in line with the cautious approach adopted by the city’s de facto central bank, the Hong Kong Monetary Authority (HKMA).