Hong Kong took a major step toward launching its first regulated stablecoin after HKDAP completed a full transaction test on the Ethereum blockchain. Anchorpoint Financial, the holder of license FRS01 under Hong Kong’s Stablecoins Ordinance, carried out the transfer with OSL Group (HKEX: 863) and PantherTrade on May 13, 2026, moving the stablecoin through the entire process from fiat deposit to token issuance and redemption into bank balances.
According to the report, the test marked the first live transaction milestone under Hong Kong’s Stablecoins Ordinance, which took effect on August 1, 2025. Standard Chartered Hong Kong supported the process with custody and trust services that backed the token reserves throughout the transaction, ensuring 100% backing by reserve assets aligned with global best practices. The project also operates under supervision from the Hong Kong Monetary Authority.
HKDAP, short for “HKD At Par,” is designed to maintain a one-to-one peg with the Hong Kong dollar. The stablecoin uses Hong Kong dollar reserve assets that comply with HKMA requirements. The companies behind the project plan to begin a phased public rollout later this quarter.
Ethereum test moves stablecoin plans forward
The test moved Hong Kong dollars onto the Ethereum blockchain through a fully backed digital process. Participants converted fiat funds into HKDAP tokens and later redeemed them back into bank balances through a structured settlement process. The transaction showed how regulated stablecoins could work alongside existing banking systems.
Anchorpoint Financial handled the technical execution with support from OSL Group and PantherTrade. The company launched in February 2025 through a partnership involving Standard Chartered Hong Kong, HKT, and Animoca Brands.
OSL said the successful test marked an important step before HKDAP’s planned public rollout later this quarter. The company also plans to expand payment, liquidity, and settlement infrastructure tied to the stablecoin ecosystem.
Stablecoin push targets cross-border payments
Market participants expect HKDAP to support faster settlements across tokenized asset markets in Asia. The stablecoin could also help connect traditional banking systems with blockchain-based financial products and cross-border payments.
OSL Group CEO Kevin Cui said the company has already developed infrastructure for stablecoin trading and international transfers. He pointed to products such as OSL StableHub, OSL BizPay, and Banxa as part of the company’s broader digital asset network.
Futu Group also joined the initiative through its subsidiary PantherTrade. Zhu Guyi, Futu’s global head of digital assets, said the partnership aims to provide investors with a regulated Hong Kong dollar stablecoin option as the local digital asset market expands.
Regulators increase oversight around stablecoins
Hong Kong regulators have increased scrutiny of stablecoin activity as the local digital asset market expands. In April, the Hong Kong Monetary Authority warned investors about fake tokens using names linked to licensed issuers, including HKDAP and HSBC.
The HKMA said unauthorized tokens carrying those labels had already appeared in the market. Regulators urged the public to remain cautious and avoid schemes falsely claiming ties to approved stablecoin projects.
The warning came as Hong Kong pushes ahead with regulated digital asset development. At the same time, authorities are trying to strengthen investor confidence and limit fraud risks tied to the growing stablecoin sector.
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