Hong Kong HKDAP Stablecoin Completes Ethereum Mainnet Transfer Test

Hong Kong’s regulated HKD stablecoin rollout moved another step forward after Anchorpoint and OSL completed HKDAP transfer testing on Ethereum mainnet. PantherTrade, a licensed virtual asset trading platform backed by Futu Holdings, also completed the HKDAP transfer test with Anchorpoint and OSL.

HKDAP stands for “HKD At Par” and is designed as a Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. The test covered the full flow from fiat Hong Kong dollar funding into reserve assets, then minting and transferring HKDAP on Ethereum. All HKDAP used in the test was fully redeemed after completion, which means the token has not moved into broad public circulation from this test alone.

Anchorpoint is one of Hong Kong’s first licensed stablecoin issuers. The Hong Kong Monetary Authority granted stablecoin issuer licences to Anchorpoint Financial and The Hongkong and Shanghai Banking Corporation on April 10 under the city’s Stablecoins Ordinance. Anchorpoint is a joint venture established by Standard Chartered Bank Hong Kong, HKT and Animoca Brands, with HKDAP planned for phased issuance from the second quarter of 2026.

The Ethereum test gives Hong Kong’s stablecoin market a live technical milestone before public rollout. It tested reserve-backed minting, onchain transfer and redemption mechanics under a licensed issuer structure, with OSL positioned around distribution, liquidity and regulated digital-asset payment infrastructure.

Phased Issuance Still Comes Next

HKDAP is expected to begin phased official issuance by the end of Q2, but the stablecoin is not yet a general market asset. That distinction matters because Hong Kong’s regulator has already warned users about unauthorized tokens using names or tickers connected to licensed issuers. The HKMA previously said tokens with tickers such as HKDAP or HSBC had appeared without being issued by, or associated with, licensed stablecoin issuers.

The PantherTrade link also gives HKDAP a stronger exchange-access path inside Hong Kong’s regulated digital-asset framework. PantherTrade is an SFC-licensed VATP wholly established by Futu Holdings, while OSL already operates as a regulated digital asset platform in the city. Their involvement points to a launch structure built around licensed distribution rather than an open-ended offshore token release.

Hong Kong has been building toward regulated stablecoin issuance while other markets expand tokenized money, treasury-backed assets and compliant payment rails. Recent CryptoAdventure coverage has tracked similar pressure around stablecoin supply and market structure and regulated crypto access in Asia, where local currency rails and licensing are becoming more important than simple exchange listings.

The next milestone is issuance, not another test headline. HKDAP still needs its phased rollout, live redemption terms, eligible-user rules, supported platforms, reserve disclosures and public contract details before traders can treat it as a functioning regulated Hong Kong dollar stablecoin in active circulation.

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