Standard Chartered-backed Anchorpoint has maintained plans to launch its Hong Kong dollar stablecoin for retail customers on a public blockchain, but has declined to commit to a release date after HSBC introduced RedCoin to PayMe users.
Summary
- Anchorpoint plans retail access to its HKDAP stablecoin but has not confirmed a launch date.
- HSBC began rolling out RedCoin to its 3.3 million PayMe users on October 23.
- Anchorpoint is targeting cross-border payments through a public blockchain and authorized distributors.
- CEO Dominic Maffei says customer education and infrastructure readiness are priorities before expanding retail access.
According to an October 26 South China Morning Post report, Anchorpoint CEO Dominic Maffei said the company would take a cautious approach to bringing regulated digital money into everyday payments, despite growing competition among Hong Kong’s licensed stablecoin issuers.
Previously, the company identified the end of 2026 as a possible timeline for retail access. However, Maffei declined to confirm that target at a Friday press conference, maintaining that the business must prepare its distribution network and customers before proceeding.
Anchorpoint keeps retail stablecoin launch date open
The announcement came shortly after HSBC introduced its Hong Kong dollar-backed RedCoin stablecoin through PayMe, bringing the product to an existing customer base of approximately 3.3 million users.
As crypto.news previously reported on October 23, the bank began a phased rollout allowing customers to activate RedCoin wallets, transfer money to other users, and make payments to participating merchants.
Anchorpoint has chosen a different route for its HKDAP stablecoin, relying on authorized distributors to connect financial institutions, businesses, and eventually retail customers with the product.
Maffei said the company’s next milestone involves bringing regulated digital money into everyday commercial transactions while linking traditional payment infrastructure with blockchain-based financial services.
“This is a public blockchain stablecoin, so applying this to retail, a lot of considerations need to be made,” he said.
While Anchorpoint previously suggested consumer access could begin by the end of 2026, the executive maintained that building a sustainable market was more important than meeting an aggressive timetable.
“We believe it’s important to build the market out in a long-term, sustainable manner,” Maffei said, adding that rushing the launch “does not make sense.”
Public blockchain payments remain central to Anchorpoint’s plans
Anchorpoint intends to develop HKDAP as a payment instrument for transactions involving companies, financial institutions, merchants, and individuals.
According to the company’s official stablecoin documentation, HKDAP maintains a one-to-one value against the Hong Kong dollar, backed by eligible reserve assets under the city’s regulatory requirements.
The institutional beta currently operates on Ethereum, although access remains restricted to eligible corporate customers and professional investors.
Users seeking direct wallet transfers must complete verification procedures. The token’s smart contracts reject transfers to unverified addresses, allowing the company to maintain compliance controls while operating on public blockchain infrastructure.
Under its business-to-business-to-consumer model, Anchorpoint plans to work with licensed intermediaries that will provide custody, fiat conversion, and customer-facing payment services.
Maffei described the planned network as an “open and inclusive ecosystem,” where partners across financial services can participate in distributing regulated digital money.
Cross-border payments remain a major focus. The executive identified round-the-clock settlement, lower transaction costs, and interoperability among the potential advantages of stablecoins.
“The goal is to connect Hong Kong to other corridors,” Maffei said, referencing the company’s previous work in the United Arab Emirates and plans to announce further connections when available.
Standard Chartered expands Hong Kong stablecoin infrastructure
Anchorpoint began its institutional HKDAP rollout in August, offering eligible businesses and professional investors access to payments, fiat conversion, and settlement involving tokenized financial assets.
The venture was established by Standard Chartered Bank (Hong Kong), Animoca Brands, and telecommunications company HKT after their participation in the Hong Kong Monetary Authority’s stablecoin issuer sandbox.
Its initial distribution arrangements included HashKey Exchange, which completed a transaction involving HKDAP issuance and redemption during the institutional launch.
Anchorpoint had previously outlined its public blockchain plans, including an Ethereum mainnet transfer trial conducted with OSL Group and PantherTrade in May.
The project subsequently expanded its institutional distribution network as the partners prepared the infrastructure needed to support commercial use.
In September, Anchorpoint introduced its Tokenised Money Adoption Programme, intended to support education, research, and discussions about blockchain-based money.
“Market education is key,” Maffei said, emphasizing the need for customers and financial institutions to understand regulated stablecoins before using them for routine transactions.
Hong Kong’s stablecoin market moves toward retail adoption
Anchorpoint and HSBC received Hong Kong’s first stablecoin issuer licenses in April 2026, following the implementation of the Stablecoins Ordinance in August 2025.
The regulatory framework requires licensed issuers to maintain eligible reserves, meet redemption obligations, and comply with governance and financial crime prevention standards.
HSBC’s RedCoin rollout began with payments through its established PayMe application, while Anchorpoint’s institutional product is available through approved distribution partners.
Anchorpoint’s published FAQs continue to describe a full launch as potentially taking place by the end of 2026, subject to the readiness of issuance, distribution, custody, and other supporting infrastructure.
The company has not announced a firm date for making HKDAP available to individual retail customers.
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