Standard Chartered-backed Anchorpoint partners with Solana for HKDAP expansion

Standard Chartered-backed Anchorpoint Financial has partnered with the Solana Foundation to bring its regulated Hong Kong dollar stablecoin, HKDAP, to the Solana blockchain as it prepares to make the token available to retail users.

Summary

• Standard Chartered backed Anchorpoint has partnered with the Solana Foundation to bring its regulated Hong Kong dollar stablecoin, HKDAP, to the Solana blockchain.
• The collaboration will focus on enabling native minting and redemption of HKDAP on Solana, with plans to support retail payments, tokenized asset trading and other transactions requiring fast settlement.
• Anchorpoint plans to work with Solana’s network of wallets, applications and corporate partners to make HKDAP accessible to more users, although a launch date has not been announced.
• Solana Foundation will join Anchorpoint’s Tokenised Money Adoption Programme as a strategic partner, following PwC’s participation in the initiative.
• Anchorpoint received its stablecoin issuer license from the Hong Kong Monetary Authority in April 2026 and has been developing HKDAP for institutional payments and tokenized financial services.

According to an October 30 announcement, the collaboration will focus on enabling HKDAP issuance and redemption directly on Solana, allowing the stablecoin to support everyday payments, tokenized asset trading, and other transactions that require fast settlement.

The agreement is Anchorpoint’s first collaboration with a public blockchain foundation and comes as the company prepares to expand HKDAP beyond its existing institutional distribution network.

Anchorpoint plans native HKDAP issuance and redemption on Solana

Under the arrangement, Anchorpoint intends to introduce native minting and redemption of HKDAP on Solana, allowing eligible participants to issue and redeem the Hong Kong dollar-backed token through the network.

The company expects Solana’s transaction processing capabilities to support payments and other activities involving frequent transfers, while its existing network of wallets, applications, and developers could provide new ways for customers to access the stablecoin.

Retail payments are among the main areas being explored, alongside settlement for tokenized real-world assets and financial products denominated in Hong Kong dollars.

Anchorpoint and the Solana Foundation plan to work with corporate partners and consumer-facing applications to make HKDAP and related tokenized products accessible through the blockchain.

The announcement cited approximately $4.9 billion in tokenized real-world assets and more than 835,000 RWA holders on Solana as examples of the network’s existing activity in tokenized finance.

Solana has been developing its consumer payment infrastructure through partnerships with established technology companies.

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Earlier this month, Samsung Wallet announced plans to introduce USDC transfers for eligible users across 82 million Galaxy devices in the United States, with Solana and Sui providing blockchain infrastructure support.

The planned service would allow users to send USDC to compatible cryptocurrency wallets and qualifying bank accounts overseas.

Lu Yin, head of APAC at the Solana Foundation, said the collaboration could make Hong Kong dollar-denominated digital money more accessible through applications that already serve consumers.

He pointed to Solana’s settlement capabilities and its international network of developers and wallet providers as areas that could support everyday financial transactions.

Solana partnership follows Anchorpoint’s retail expansion plans

The collaboration follows Anchorpoint’s earlier announcement that it intends to bring HKDAP to retail customers through public blockchain infrastructure, although the company has yet to confirm a launch date.

As crypto.news previously reported, Anchorpoint CEO Dominic Maffei said on October 26 that the company was preparing its distribution infrastructure and customer education efforts before opening the stablecoin to individual users.

HKDAP currently operates under a controlled institutional rollout, with access provided through authorized distributors and verified wallets.

The company uses a business-to-business-to-consumer distribution model, under which approved partners handle customer access, custody, and conversion services.

Its current arrangements require users to complete verification procedures, with transfers to unverified addresses restricted under the token’s existing infrastructure.

Anchorpoint has been developing these arrangements since August, when it began distributing HKDAP to eligible institutions and professional investors.

HashKey Exchange joined as an authorized distributor during the initial rollout and completed an HKDAP minting and redemption transaction.

The stablecoin was initially introduced for payments, conversion between fiat currency and digital tokens, and settlement involving tokenized financial assets.

Standard Chartered subsequently became its first bank distributor, with plans to support tokenized money market fund subscriptions and settlement services.

Solana Foundation joins Anchorpoint’s tokenized money program

Beyond blockchain integration, the Solana Foundation will join Anchorpoint’s Tokenised Money Adoption Programme as a strategic partner, following the recent participation of professional services firm PwC.

The program brings together financial institutions and technology companies to support research, industry collaboration, and the development of regulated stablecoin applications in Hong Kong.

Solana’s participation follows its inclusion in Hong Kong’s OASES program and plans to establish a local presence in the city.

Maffei described the collaboration as part of Anchorpoint’s efforts to connect different blockchain networks and financial market participants through common infrastructure.

He said the company was working toward an “open network designed to connect ecosystems, not fragment them.”

Hong Kong’s licensed stablecoin market moves toward retail payments

Anchorpoint is a joint venture established by Standard Chartered Bank (Hong Kong), telecommunications company HKT, and Animoca Brands.

The company secured its stablecoin issuer license from the Hong Kong Monetary Authority in April 2026, alongside HSBC, under the city’s Stablecoins Ordinance.

The framework requires licensed issuers to meet reserve backing, redemption, governance, and financial crime prevention requirements.

Hong Kong’s regulated stablecoin market has since begun moving beyond institutional applications.

On October 23, HSBC started introducing its Hong Kong dollar-backed RedCoin stablecoin through PayMe, its consumer payment application, which serves more than 3.3 million users.

The rollout focuses initially on transfers between individuals and payments to participating merchants, while Anchorpoint continues developing its distribution arrangements for HKDAP.

Anchorpoint holds stablecoin issuer license FRS01 and has been operating HKDAP through its institutional beta program since August 2026.

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