Anchorpoint, a consortium licensed by the Hong Kong Monetary Authority (HKMA) to issue Hong Kong dollar-backed stablecoins, has partnered with the Solana Foundation to launch its HKDAP stablecoin on the Solana blockchain.
The consortium is led by Standard Chartered with participation from Animoca Brands and HKT. The strategic collaboration will enable native minting and redemption of HKDAP on Solana with near-instant settlement speed, targeting both retail and institutional users.
The partnership aims to broaden international adoption of the stablecoin and strengthen Hong Kong Dollar's appeal in international markets while supporting Hong Kong's position as a leading treasury and capital markets hub. Anchorpoint indicated plans to expand HKDAP use beyond retail applications to include tokenized products on the Solana network.
Lu Yin, Head of APAC at the Solana Foundation, stated that HKDAP's deployment on Solana could make Hong Kong Dollar-denominated digital value more accessible across real-world use cases and help bridge regulated financial infrastructure with public blockchain capabilities.
Dominic Maffei, co-founder and CEO of Anchorpoint, described the collaboration as a reflection of the company's philosophy of combining regulated tokenized money infrastructure with leading blockchain ecosystems. He noted the focus on enabling connectivity across networks, participants, and markets, suggesting additional deployments on other networks may follow.
The partnership follows the launch of Redcoin, another Hong Kong-pegged stablecoin issued by HSBC, which entered the retail market through PayMe, a mobile payment system serving 3.3 million users.
