Hong Kong Dollar Stablecoin Divided into Institutional Payment and Retail App Integration

The Hong Kong dollar stablecoin market has been divided into institutional payment types and retail app integration types. Anchorpoint Financial has first launched HKDAP with licensed distributors and institutional payment networks, while HSBC is preparing distribution aimed at mobile app users. The Hong Kong Monetary Authority (HKMA) granted the first stablecoin issuer license to Anchorpoint and HSBC on April 10. HKDAP is pegged 1:1 to the Hong Kong dollar, with beta access starting on August 12. HKDAP is designed as a payment and settlement tool and does not pay interest. The distribution method follows a wholesale structure through licensed distributors, with HashKey and OSL participating as the first distributors. The initial target users are institutions and professional investors, with use cases including cross-border payments and institutional disbursements. HSBC plans to launch a Hong Kong dollar-denominated stablecoin in the second half of 2026, presenting person-to-person remittances and merchant payments as initial use cases. The difference between the two models lies in the openness and closure of the distribution network, and it will be crucial to see which side generates usage in the early market. HKDAP will undergo Ethereum mainnet testing in May and enter the beta access and institutional distribution phase in August. BlockSec pointed out issues with the KYC withdrawal logic and governance rights of the HKDAP smart contract. The Hong Kong dollar stablecoin also has indirect implications for the Korean market, with initial cases potentially serving as a testing ground to show the actual distribution pathways of regulatory stablecoins.

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