Hong Kong stablecoin HKDAP plans native issuance on Solana for payments

Under a new deal struck between the Solana Foundation and Standard Chartered-backed Anchorpoint Financial, a Hong Kong dollar stablecoin is preparing to expand onto the Solana network. Revealed on October 30, 2026, the partnership’s plans call for HKDAP to be issued and redeemed directly on the blockchain, enabling retail payments and settlement of tokenized assets as Anchorpoint moves to extend its reach beyond strictly institutional clients.

Key takeaways

• Anchorpoint and the Solana Foundation plan native HKDAP issuance and redemption.
• Anchorpoint holds Hong Kong’s FRS01 stablecoin issuer license.
• The Solana Foundation plans a Hong Kong office and participation in Anchorpoint’s tokenized money program.

How the Hong Kong stablecoin would operate on Solana

The memorandum of understanding covers native issuance and redemption of HKDAP, allowing eligible participants to create and redeem the Hong Kong dollar-backed token through Solana. The intended uses include everyday purchases, trading and settlement involving tokenized assets, and financial products denominated in Hong Kong dollars.

This is Anchorpoint’s first agreement with a public blockchain foundation. Anchorpoint expects Solana’s processing capabilities to support near-instant settlement for activities involving frequent transfers. Both partners intend to connect HKDAP and related financial products with corporate partners and consumer-facing applications.

Lu Yin, the Solana Foundation’s APAC head, said applications already serving consumers could broaden access to digital money denominated in Hong Kong dollars. He pointed to the network’s settlement capabilities and its international community of developers and wallet providers.

The proposed expansion follows a controlled institutional rollout that began in August 2026. HKDAP currently uses authorized distributors and verified wallets, with approved partners handling customer access, custody and conversion. Its existing infrastructure restricts transfers to unverified addresses.

HashKey Exchange became an authorized distributor during that initial rollout and carried out an HKDAP minting and redemption transaction. Standard Chartered later became the token’s first bank distributor, with plans for tokenized money market fund subscriptions and settlement services.

On October 26, Anchorpoint CEO Dominic Maffei said the business was preparing distribution infrastructure and customer education before offering access to individual users.

Hong Kong’s licensing and reserve requirements

Anchorpoint holds the Hong Kong Monetary Authority’s FRS01 stablecoin issuer license, received in April 2026. HKDAP falls under Hong Kong’s Stablecoins Ordinance, which took effect on August 1, 2025.

The framework requires full backing with high-quality, highly liquid reserve assets. It also sets requirements for redemption, governance and financial crime prevention. HKDAP tracks the Hong Kong dollar, whose exchange rate ranges from 7.75 to 7.85 per US dollar.

Anchorpoint is a joint venture involving Standard Chartered Bank (Hong Kong) Limited, telecommunications company HKT and Animoca Brands. Its initial HKDAP applications included payments, conversion between fiat money and digital tokens, and settlement of tokenized financial assets.

Solana builds its Hong Kong presence

The Solana Foundation has joined Hong Kong’s OASES government program and plans to open a local office. It will also become a strategic partner in Anchorpoint’s Tokenised Money Adoption Programme, following PwC’s participation.

The program connects financial institutions and technology businesses for research, collaboration and development of regulated stablecoin applications in Hong Kong. Maffei described Anchorpoint’s approach as building an “open network designed to connect ecosystems, not fragment them.”

As proof that tokenized finance is already gaining traction, the announcement pointed to roughly $4.9 billion in tokenized real-world assets held on Solana by upwards of 835,000 asset holders.

Separately, RWA.xyz data for October 30, 2026, showed $14.13 billion in stablecoins on Solana, about 75% of its $18.89 billion total encompassing stablecoins and tokenized assets. Monthly stablecoin transfer volume reached $370.94 billion across 13.56 million addresses.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.