Hong Kong’s HKD At Par Opens to Institutional Users

Anchorpoint’s HKD-referenced stablecoin, HKD At Par (HKDAP), is now available to institutional users in Hong Kong. The project’s Beta Access phase is live for corporates and Professional Investors, according to Anchorpoint’s official FAQs, with access provided through authorised distributors on Ethereum mainnet (Anchorpoint — FAQs).

Anchorpoint lists OSL and HashKey as distributors that have enabled the Beta, meaning they can on-ramp, off-ramp, and support institutional users in converting and using HKDAP during this stage (Anchorpoint — FAQs).

The opening to institutions follows a 10 April 2026 decision in which the Hong Kong Monetary Authority granted Anchorpoint Financial Limited a stablecoin issuer licence, allowing it to issue regulated HKD-referenced stablecoins under Hong Kong’s Stablecoins Ordinance (Standard Chartered press release).

Operational readiness was demonstrated in mid-May when OSL and Anchorpoint completed an end-to-end test of HKDAP on Ethereum Mainnet. OSL said all HKDAP minted for the exercise were fully redeemed after the test concluded (OSL press release).

HKDAP Beta Access on Ethereum via OSL and HashKey

Anchorpoint describes a phased launch with an initial Beta Access period that is limited to corporates and Professional Investors. During Beta, HKDAP operates on Ethereum mainnet and Anchorpoint has published a smart-contract address for participants to reference (Anchorpoint — FAQs).

Distribution in this stage runs through authorised partners. The FAQ names OSL and HashKey as distributors that have live-enabled the Beta, positioning licensed Hong Kong platforms to handle conversions between fiat HKD and HKDAP and facilitate institutional use cases on-chain (Anchorpoint — FAQs).

The practical takeaway for eligible users is straightforward: onboarding and redemptions are available through these distributors under the constraints of the institution-only Beta. That design keeps flows within regulated venues while the product scales.

Early signals from testing and third-party reporting

Evidence of live operational plumbing surfaced on 13–14 May 2026 when OSL and Anchorpoint ran a full workflow test that spanned fiat funding, reserve creation, minting, on-chain transfer, and redemption. OSL stated that all HKDAP minted for the trial were redeemed after completion of the exercise, indicating round‑trip functionality on Ethereum (OSL press release).

Independent media also flagged a near‑term rollout. On 21 July 2026, Caixin reported, citing people familiar with the matter, that a Standard Chartered‑backed venture planned an imminent HKDAP issuance distributed via licensed exchanges OSL and HashKey (Caixin Global). That report aligns with Anchorpoint’s live Beta Access and distributor setup.

Inference: Taken together, a completed end‑to‑end test and distributor enablement suggest the core rails for institutional usage are in place, even as access remains non‑retail during the Beta period.

OSL press release header image accompanying the May 13, 2026 announcement on the HKDAP end-to-end test on Ethereum Mainnet. — Source: OSL — press release header image (OSL Group)

Licence and framework underpinning the launch

Anchorpoint’s ability to issue HKD‑referenced stablecoins rests on an HKMA licence granted on 10 April 2026 under Hong Kong’s Stablecoins Ordinance. The authorisation, disclosed in a Standard Chartered press release, provides the regulatory footing for HKDAP’s issuance and distribution in Hong Kong (Standard Chartered press release).

Context: The licence date anchors the project’s regulatory timeline, while the phased launch structure explains why access is currently limited to corporates and Professional Investors. No additional policy conclusions are drawn beyond the facts cited.

What to watch next for HKDAP

Confirmed facts point to a phased rollout with distributor‑led access on Ethereum. The next practical signals to monitor are any Anchorpoint updates defining subsequent launch phases beyond Beta, announcements of additional authorised distributors, and integration notices from OSL or HashKey related to onboarding and redemption capabilities (Anchorpoint — FAQs).

Reasonable inference: Expanded access, whether through more counterparties or new functionality, would indicate maturation of institutional demand and clearer operating rhythms under Hong Kong’s stablecoin framework. Until then, the scope remains institution‑only via the existing distributors.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.