What to know:
- HKDAP stablecoin successfully completes Hong Kong’s first regulated Ethereum transaction test.
- Pilot confirms fiat-to-token conversion under the HKMA-supervised banking framework.
- Investor safeguards expand as Hong Kong tightens oversight of the digital assets market.
The HKDAP stablecoin has successfully completed the Ethereum end-to-end transaction test, with Hong Kong stepping forward to advance its regulated digital asset framework. The trial included the issuance of tokens, redeeming them in bank balances, and fiat deposit under licensed supervision.
Anchorpoint Financial has conducted the HKDAP stablecoin test on May 13, 2026. The firm is licensed under the Stablecoins Ordinance in Hong Kong under FRS01 and collaborated with OSL Group and PantherTrade during the process.
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HKDAP Stablecoin First Transaction Under HKMA Rules
According to the report, the HKDAP stablecoin milestone is considered the first real-world transaction under Hong Kong’s Stablecoins Ordinance, which took effect on August 1, 2025. The Hong Kong Monetary Authority (HKMA) supervised the whole process.
During the test, Standard Chartered Hong Kong provided custody and trust services. They guaranteed that the HKDAP stablecoin was pegged 1:1 and backed by 100% reserves in Hong Kong dollars.
The stablecoin, known as “HKD At Par” (HKDAP), is designed to maintain the stablecoin’s parity with the Hong Kong dollar. It maintains its reserve assets in a controlled manner that meets the requirements of the HKMA.
The transaction was executed in a step-by-step manner, involving the exchange of fiat currency for HKDAP stablecoin tokens on the Ethereum blockchain. A controlled settlement mechanism then was provided for the redemption of tokens back into bank deposits.
Anchorpoint Financial led the technical execution of the HKDAP stablecoin test. The company was created in February 2025 as a joint venture between Standard Chartered Hong Kong, HKT, and Animoca Brands.
The test was supported by OSL Group, which noted that the HKDAP stablecoin project is an important step towards large-scale deployment. The company also will be increasing its investments in payments, liquidity, and settlement capabilities throughout digital asset services.
PantherTrade Joins HK Stablecoin Project
OSL Group CEO Kevin Cui said current infrastructure is ready to facilitate the trading of stablecoins and cross-border transfers. He said platforms like OSL StableHub and OSL BizPay will form part of a broader ecosystem connected to the HKDAP stablecoin.
PantherTrade, a subsidiary of Futu Group, was also involved in the project. Zhu Guyi, global head of digital assets at Futu, said that the project will allow regulated access to digital assets in Hong Kong dollars.
The HKDPM stablecoin test showcased the interoperability between blockchain-based settlement and traditional financial systems. It showed the ability to bridge fiat and on-chain environments with a regulated digital token under compliance supervision.
As more businesses have begun to enter the market, Hong Kong regulators have intensified their supervision of stablecoin activities. Previously, the HKMA has warned against fraudulent tokens that use names related to licensed issuers, such as HKDAP and HSBC.
The stablecoin by HKDP is expected for a phased-out public launch in the coming weeks. Authorities continue to focus on balancing financial innovation with investor protection as the regulated digital asset sector expands.
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