Standard Chartered-Backed Anchorpoint Launches HKDAP Stablecoin in First Live PhaseAnchorpoint Financial has launched the first phase of its Hong Kong dollar-backed stablecoin, HKD At Par (HKDAP), moving the token into beta access for institutional distributors and professional investors. The rollout marks the first live phase of the Standard Chartered-backed venture’s stablecoin project, around four months after the Hong Kong Monetary Authority (HKMA) granted Anchorpoint one of the city’s first stablecoin issuer licences. Trading under stock code 863 in Hong Kong, OSL will provide fiat conversion, trading and settlement support through its Hong Kong platform, offering eligible clients on- and off-ramp services between fiat currency and HKDAP. The framework requires licensed stablecoin issuers to fully back circulating tokens with reserve assets held in segregated high-quality liquid assets. Related: Korea’s Stablecoin Exodus Just Hit 18 Straight Months and $10.4 BillionHSBC has since advanced other blockchain initiatives in Hong Kong, including the issuance of a digitally native structured product, although its own Hong Kong dollar stablecoin remains under development.