Anchorpoint Plans HKDAP Stablecoin Expansion to Solana Network

A licensed Hong Kong dollar stablecoin is heading towards one of the world’s fastest public blockchains, though the move remains a plan rather than a completed launch. Anchorpoint Financial, a consortium led by Standard Chartered Bank (Hong Kong) with HKT and Animoca Brands as partners, announced a strategic collaboration with the Solana Foundation on 30 October 2026 to explore expanding its HKDAP stablecoin to the Solana network. The collaboration aims to support native minting and redemption of HKDAP on Solana, with near-instant settlement, and to broaden the token’s reach among retail users, local businesses and international users. The announcement, reported by Bitcoin.com on 1 November 2026, is the first collaboration of its kind for HKDAP with a public blockchain network, and it places a regulated Asian currency token at the centre of a network better known for high-volume trading and tokenised assets.

What HKDAP is, and what a licensed stablecoin means

HKDAP is a Hong Kong dollar-pegged stablecoin issued by Anchorpoint Financial Limited. Each token has a nominal value of 1.00 Hong Kong dollar and is redeemable one-for-one for the currency, according to Anchorpoint’s description of the token. As of 30 October 2026, Anchorpoint’s transparency figures put circulating supply at 103,102,420 units and reserves at 104,206,693 units, with cumulative transaction volume of 259,094,758. Those figures describe a pilot-scale token, not yet a mass-market currency, and the reserve figure sitting modestly above circulating supply is consistent with a fully backed model in which reserves are held to cover every token in circulation.

What sets HKDAP apart from the many dollar-pegged tokens that circulate without a specific licence is its regulatory status. Anchorpoint Financial holds licence number FRS01 under Hong Kong’s stablecoin issuer licensing regime, effective since 10 April 2026, according to the Hong Kong Monetary Authority’s register. The consortium behind Anchorpoint was established as a joint venture between Standard Chartered Bank (Hong Kong), HKT and Animoca Brands in February 2025, and Anchorpoint describes itself as a subsidiary of Standard Chartered Bank (Hong Kong). The combination of a major bank, a telecommunications company and a blockchain investment firm gives the issuer both traditional financial credibility and distribution and technology expertise, a blend that Hong Kong’s regime appears designed to encourage.

Hong Kong’s licensing regime for stablecoin issuers took effect on 1 August 2025, under the Stablecoins Ordinance. From that date, issuing fiat-referenced stablecoins became a regulated activity requiring a licence from the Hong Kong Monetary Authority. Licensed issuers are subject to requirements covering reserve management, redemption, risk management, disclosure and anti-money laundering controls, and they operate under the supervision of the monetary authority. The regime was created after years of debate about how to bring stablecoins into the regulatory perimeter without stifling the city’s role as a financial centre, and it positions Hong Kong as one of the first major jurisdictions to license fiat-referenced stablecoin issuers under a dedicated framework, alongside the United States, where the GENIUS Act is creating a federal regime, and the European Union, where the Markets in Crypto-Assets Regulation already governs asset-referenced tokens.

Why Solana, and why native minting matters

Solana is a public blockchain known for high transaction throughput and low fees relative to older networks. Transactions on Solana typically settle in well under a second and cost a fraction of a cent in normal conditions, characteristics that make the network attractive for payments, high-frequency trading and other high-volume uses where Ethereum’s mainnet fees and settlement times can become a constraint. Anchorpoint’s stated targets for HKDAP on Solana reflect that logic: retail payments, payments more broadly, trading in tokenised real-world assets, and other high-volume transactions. A Hong Kong dollar token that settles almost instantly and cheaply could be used for everyday purchases, cross-border remittances, merchant settlement and settlement of tokenised securities, all of which require speed and low cost to be practical.

The technical goal of the collaboration is native minting and redemption on Solana. That phrase deserves explanation, because it is the difference between a token that truly lives on a network and one that merely appears there. A bridged version of a token is created when tokens on one blockchain are locked in a contract and representative tokens are issued on another blockchain. The bridged tokens depend on the bridge’s security, its custodians and its smart contracts, and they can become stranded or lose value if the bridge fails, as several high-profile bridge failures have shown. A natively minted token, by contrast, is issued directly on the target blockchain by the licensed issuer, under the same reserve and redemption framework as the original token. Holders can mint and redeem directly with the issuer’s system, without relying on a third-party bridge, and the token’s supply on Solana is part of the issuer’s overall issuance rather than a separate wrapped representation.

Retail, local and international ambitions

Anchorpoint’s stated ambition spans three audiences. The first is retail users, for whom a Hong Kong dollar stablecoin on a fast, low-cost network could support everyday payments, peer-to-peer transfers and purchases from merchants that accept digital payments. The second is local adoption in Hong Kong, where a licensed token denominated in the local currency has a natural advantage over dollar-pegged tokens for domestic transactions, payroll, merchant settlement and government-adjacent use cases. The third is international adoption, where the token could serve as a bridge between Hong Kong’s financial system and global users who want exposure to Hong Kong dollar-denominated value without opening a Hong Kong bank account or navigating correspondent banking.

Dominic Maffei, Anchorpoint’s co-founder and chief executive officer, said the partnership brings together regulated tokenised money infrastructure and a major public blockchain ecosystem. Lu Yin, head of Asia-Pacific at the Solana Foundation, said deploying HKDAP on Solana could make Hong Kong dollar-denominated digital value more accessible across a wider range of real-world applications. Both statements point to the same idea: the value of a regulated stablecoin lies not only in its peg but in the number of places it can be used, and Solana’s ecosystem of wallets, developers and applications offers distribution that a single issuer could not build alone.

The consortium has also said it may consider deploying HKDAP on additional blockchain networks, although no further deployments have been specified. That openness suggests a multi-chain strategy in which Solana is a first public-network expansion rather than an exclusive home, and in which the issuer’s licensed framework travels with the token across networks. For developers, that raises a practical question: whether future deployments will also be natively minted, which would preserve the trust model, or bridged, which would reintroduce the risks described above. Anchorpoint’s emphasis on native minting for Solana sets a precedent that future expansions will be judged against.

Risks, limits and what to watch

The most important limit on the announcement is its status as a plan. Anchorpoint and the Solana Foundation have announced a strategic collaboration and an intention to explore expansion, but they have not announced a launch date for HKDAP on Solana, and HKDAP’s full launch on any network remains targeted for no later than the end of 2026, subject to readiness. Users should not attempt to acquire supposed Solana versions of HKDAP from unofficial sources, since any token claiming to be HKDAP on Solana before an official launch would not be the issuer’s natively minted token and could be fraudulent. The safe course is to wait for Anchorpoint’s own announcements of a launch date and of authorised distributors.

Market risk should not be overlooked either. A Hong Kong dollar peg is only as strong as the reserves and redemption arrangements behind it, and the Hong Kong dollar itself operates under a linked exchange rate system that pegs it to the United States dollar within a band. HKDAP’s peg to the Hong Kong dollar therefore inherits the stability of that system, but it also means that users holding HKDAP are exposed to Hong Kong dollar exchange rate movements against other currencies. For international users, that is a feature if they want Hong Kong dollar exposure, and a risk if they do not. Competition is another factor: dollar-pegged stablecoins dominate global stablecoin volumes, and a Hong Kong dollar token must persuade users, merchants and developers that its local currency denomination and licensed status outweigh the network effects of larger dollar tokens.

What to watch next is straightforward. First, an official Solana launch date and the identity of authorised distributors and wallets. Second, confirmation that minting and redemption on Solana are native, with technical documentation that developers can verify. Third, growth in circulating supply and reserves beyond pilot scale, which would show whether the token is moving from institutional pilot to broader use. Each of these milestones will show whether the collaboration announced on 30 October 2026 becomes a working product, and whether Hong Kong’s licensed stablecoin model can compete on a global public blockchain.

Frequently asked questions

What is HKDAP?

HKDAP is a Hong Kong dollar-pegged stablecoin issued by Anchorpoint Financial, with each token having a nominal value of 1.00 Hong Kong dollar and redeemable one-for-one for the currency.

Is HKDAP already live on Solana?

No. Anchorpoint and the Solana Foundation announced a strategic collaboration on 30 October 2026 to explore expanding HKDAP to Solana, with native minting and redemption planned. No Solana launch date has been announced, and HKDAP remains in pilot on Ethereum.

What does native minting mean?

Native minting means the licensed issuer creates and redeems tokens directly on Solana, under the same reserve framework. That differs from a bridged token, which is a representative asset created when tokens are locked elsewhere and depends on the bridge’s security.

Who is behind Anchorpoint?

Anchorpoint Financial is a consortium led by Standard Chartered Bank (Hong Kong), with HKT and Animoca Brands as partners, established as a joint venture in February 2025. It holds Hong Kong Monetary Authority stablecoin issuer licence FRS01, effective since 10 April 2026.

Why does Hong Kong license stablecoin issuers?

Hong Kong’s Stablecoins Ordinance, effective 1 August 2025, made issuing fiat-referenced stablecoins a regulated activity requiring a licence, so that issuers operate under reserve, redemption, risk and anti-money laundering requirements supervised by the Hong Kong Monetary Authority.

Source: Bitcoin.com

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