Hong Kong’s HKDAP Stablecoin Passes Ethereum Mainnet Test Ahead of Q2 2026 Launch

TLDR:

• Anchorpoint Financial completed HKDAP’s Ethereum mainnet transfer test with OSL and PantherTrade in May 2026. 
• Every minted HKDAP token was fully backed by reserve assets and redeemed after the transfer test concluded. 
• OSL Group will leverage StableHub, BizPay, and Banxa infrastructure to support phased HKDAP issuance. 
• HKDAP phased issuance is set to begin by end of Q2 2026, targeting payments and cross-border capital flows.

Hong Kong’s first officially licensed stablecoin, HKDAP, has cleared a major milestone. Anchorpoint Financial, OSL Group, and Futu Holdings-backed PantherTrade completed a transfer test on the Ethereum mainnet.

The test covered converting statutory Hong Kong dollar funds into reserve assets. All minted tokens were fully redeemed after the test concluded. A phased official issuance is planned before the end of Q2 2026.

HKDAP Transfer Test Marks a Regulated Step Forward

Anchorpoint Financial received its stablecoin issuer license from the Hong Kong Monetary Authority earlier this month.

The company is a joint venture backed by Standard Chartered Hong Kong, Hong Kong Telecom under PCCW, and Animoca Brands.

These institutional partners bring both banking infrastructure and Web3 expertise to the project. Together, they form a foundation built on compliance and regulatory trust.

Standard Chartered’s infrastructure and institutional trust services backed the entire testing process. Every minted and transferred HKDAP token was fully supported by reserve assets throughout the test.

This bank-grade backing is central to what separates HKDAP from unregulated alternatives. The structure ensures that holders have full confidence in the token’s peg to the Hong Kong dollar.

OSL Group confirmed its role in supporting the test and ongoing issuance preparations. Kevin Cui, CEO of OSL Group, stated that “OSL has established a comprehensive stablecoin trading infrastructure, including OSL StableHub for smooth stablecoin and forex trading, OSL BizPay for B2B cross-border payments, and Banxa, a stablecoin deposit and withdrawal channel.”

He added that this product portfolio provides better services to OSL customers and partners. The infrastructure supports the sustainable development of the broader stablecoin ecosystem.

PantherTrade, fully owned by Futu Holdings, also participated in the Ethereum mainnet transfer test. Zhu Guyi, Global Head of Digital Assets at Futu Group, stated that the company “continues to promote qualified investors to deploy in compliant digital assets.”

He added that the collaboration will provide Futu’s extensive investor and institutional network with stable and efficient HKD stablecoin solutions. The partnership reflects growing demand for regulated digital asset products among mainstream investors.

Phased Issuance Plans Support Hong Kong’s Digital Asset Vision

Dominic Maffei, CEO and co-founder of Anchorpoint Financial, described the test as a critical first step. He stated that “completing the minting and transfer testing of HKDAP in collaboration with OSL is the first step toward Anchor Financial’s goal.”

He confirmed that HKDAP will begin phased issuance later in 2026 to support payments and capital flows. The rollout is designed to benefit the real economy, not just digital asset markets.

Maffei further noted that “Anchor Point Finance focuses on creating a safe, convenient, and regulated tokenized currency for Hong Kong.”

He added that achieving a more efficient tokenized financial asset market is a key part of Hong Kong’s vision. This vision positions the city as a global digital asset hub. Reaching that goal requires close collaboration with industry players like Futu and PantherTrade.

OSL confirmed it will continue supporting Anchorpoint Financial and its ecosystem partners in issuance preparations. The platform plans to develop a robust, regulated Hong Kong dollar stablecoin and digital asset ecosystem.

Deep integration with HKDAP is expected to provide users with secure fiat and digital asset exchange channels. It will also support efficient cross-border payment solutions and wider adoption of tokenized financial products.

The successful Ethereum mainnet test signals that Hong Kong’s stablecoin framework is becoming fully operational. Regulatory clarity, institutional backing, and tested infrastructure are now aligned for the next phase.

As issuance begins, market participants will watch how HKDAP performs in live payment environments. The project could set a template for other regulated stablecoin initiatives across the region.

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