Anchorpoint Taps Solana to Launch HKDAP Stablecoin

Anchorpoint Brings Regulated HKDAP Stablecoin to SolanaSOL-1.21%

Hong Kong is taking another major step in its digital currency journey. Anchorpoint, a consortium licensed by the Hong Kong Monetary Authority (HKMA) to issue Hong Kong dollar-backed stablecoins, has announced a strategic partnership with the Solana Foundation.

The consortium is led by banking institution Standard Chartered, alongside major partners Animoca Brands and HKT. Together, they are working to bring Anchorpoint's HKDAP stablecoin directly to the Solana network.

Why Solana Was Chosen for HKDAP

The integration allows native minting and redemption of the HKDAP stablecoin directly on Solana. By leveraging Solana's high speed and low cost, Anchorpoint aims to offer near-instant transaction settlement for both everyday users and large financial institutions.

The project hopes to broaden the global adoption of the Hong Kong Dollar, strengthening its appeal in international trade while reinforcing Hong Kong's status as a leading hub for capital markets.

Bridging Regulated Finance with Public Blockchains

Lu Yin, Head of APAC at the Solana Foundation, emphasized the real-world value of bringing HKDAP to Solana. He noted that the move helps connect regulated financial systems with the scale and accessibility needed for modern digital services.

Our collaboration with Solana Foundation reflects that philosophy, bringing together regulated tokenised money infrastructure and one of the world's leading public blockchain ecosystems.

Dominic Maffei, co-founder and CEO of Anchorpoint, explained that the collaboration aims to build connectivity across diverse networks, participants, and markets. He also suggested that HKDAP may eventually expand to additional blockchain networks.

Key Highlights of the HKDAP Integration

• Native Support: Users can issue and redeem HKDAP stablecoins natively on the Solana blockchain.
• Fast Transactions: Near-instant settlement speeds support high-volume transfers.
• Institutional Use Cases: Designed to support treasury management, capital markets, and tokenized financial assets beyond retail payments.

The Broader Hong Kong Stablecoin Landscape

Anchorpoint's move coincides with other major digital asset initiatives in Hong Kong. HSBC recently launched Redcoin, its own Hong Kong dollar-pegged stablecoin, integrated into the PayMe app which serves over 3.3 million users.

However, not all market players are moving at the same pace. Chinese technology giants including Ant Group and JD.com have paused their Hong Kong stablecoin plans following regulatory intervention from authorities in Beijing.

As the stablecoin ecosystem expands, users should remember that digital assets carry regulatory and market risks. Past performance of digital assets or financial platforms is not an indication of future results. For live market updates and price info, visit bitkub.com/th/market/SOL.