Hong Kong’s dollar-backed stablecoin, HKDAP, successfully completed a series of transfer tests on the Ethereum mainnet, marking a critical milestone toward its regulated issuance. The project was spearheaded by Anchorpoint Financial, which holds a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA), in collaboration with OSL Group and Futu Holdings’ licensed trading platform, PantherTrade. Standard Chartered provided institutional trust and infrastructure services during the testing phase.
During the tests, Hong Kong dollar funds were converted into reserve assets before minting HKDAP tokens. The consortium executed on-chain wallet transfers and completed the full redemption cycle, demonstrating that all minted tokens remained fully backed by reserves. Following the test, all stablecoins were redeemed successfully, confirming the system’s stability.
OSL Group CEO Kevin Cui noted that the company already operates a comprehensive stablecoin infrastructure—including OSL StableHub for trading, OSL BizPay for business payments, and Banxa for fiat on/off-ramps—which will support HKDAP’s rollout. Futu Holdings’ Zhu Guyi, Global Head of Digital Assets, added that the partnership could offer investors a regulated and efficient Hong Kong dollar stablecoin solution.
The partners plan to begin a gradual, phased issuance of HKDAP by the end of Q2 2026. This move follows Hong Kong’s approval of its first stablecoin licenses for HSBC and Anchorpoint Financial in April 2026, reflecting the city’s push to become a hub for regulated digital assets and tokenized finance.
