Earlier today the Hong Kong Monetary Authority (HKMA) announced that the first licensed stablecoin issuers will be HSBC and Standard Chartered joint venture Anchorpoint Financial. The two banks subsequently revealed contrasting stablecoin strategies. Anchorpoint Financial is taking a crypto-native approach, confirming public blockchain infrastructure and open ecosystem distribution. HSBC is extending its established digital assets playbook to retail customers through its own banking apps.
Anchorpoint Financial is technically a Standard Chartered subsidiary, not merely a joint venture with Hong Kong Telecom (HKT) and Animoca Brands. Its CEO Dominic Maffei previously headed the bank’s digital assets unit and SC Ventures in Hong Kong. The bank was one of the earliest G-SIBs to engage with permissionless chains and crypto-native infrastructure, with SC Ventures incubating crypto custody firm Zodia Custody, Zodia Markets and tokenization platform Libeara.
The stablecoin, branded HKDAP (HKD At Par), is targeting a Q2 launch. The bank’s group CEO Bill Winters confirmed the infrastructure choice, referencing “the efficiency of public blockchain technology.” Ledger Insights has asked which blockchain(s) are planned, but didn’t receive a response in time for publication. Anchorpoint will use a B2B2C distribution model through authorized partners rather than issuing directly to consumers, enabling it to leverage the customer bases of HKT, Animoca and potentially Hong Kong’s licensed crypto exchanges. In crypto fashion it is planning to incentivize early partners.
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