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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.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n According to an October 30 announcement<\/a>, 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.<\/p>\n The agreement is Anchorpoint\u2019s first collaboration with a public blockchain foundation and comes as the company prepares to expand HKDAP beyond its existing institutional distribution network.<\/p>\n 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.<\/p>\n The company expects Solana\u2019s 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.<\/p>\n Retail payments are among the main areas being explored, alongside settlement for tokenized real-world assets and financial products denominated in Hong Kong dollars.<\/p>\n 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.<\/p>\n 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\u2019s existing activity in tokenized finance.<\/p>\n Solana has been developing its consumer payment infrastructure through partnerships with established technology companies.<\/p>\n <\/p>\n Earlier this month, Samsung Wallet announced plans<\/a> to introduce USDC transfers for eligible users across 82 million Galaxy devices in the United States, with Solana and Sui providing blockchain infrastructure support.<\/p>\n The planned service would allow users to send USDC to compatible cryptocurrency wallets and qualifying bank accounts overseas.<\/p>\n 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.<\/p>\n He pointed to Solana\u2019s settlement capabilities and its international network of developers and wallet providers as areas that could support everyday financial transactions.<\/p>\n The collaboration follows Anchorpoint\u2019s 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.<\/p>\n As crypto.news previously reported<\/a>, 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.<\/p>\n HKDAP currently operates under a controlled institutional rollout, with access provided through authorized distributors and verified wallets.<\/p>\n The company uses a business-to-business-to-consumer distribution model, under which approved partners handle customer access, custody, and conversion services.<\/p>\n Its current arrangements require users to complete verification procedures, with transfers to unverified addresses restricted under the token\u2019s existing infrastructure.<\/p>\n Anchorpoint has been developing these arrangements since August, when it began distribut<\/a>i<\/a>ng HKDAP<\/a> to eligible institutions and professional investors.<\/p>\n HashKey Exchange joined as an authorized distributor during the initial rollout and completed an HKDAP minting and redemption transaction.<\/p>\n The stablecoin was initially introduced for payments, conversion between fiat currency and digital tokens, and settlement involving tokenized financial assets.<\/p>\n Standard Chartered subsequently became its first bank distributor, with plans to support tokenized money market fund subscriptions and settlement services.<\/p>\n Beyond blockchain integration, the Solana Foundation will join Anchorpoint\u2019s Tokenised Money Adoption Programme as a strategic partner, following the recent participation of professional services firm PwC.<\/p>\n The program brings together financial institutions and technology companies to support research, industry collaboration, and the development of regulated stablecoin applications in Hong Kong.<\/p>\n Solana\u2019s participation follows its inclusion in Hong Kong\u2019s OASES program and plans to establish a local presence in the city.<\/p>\n Maffei described the collaboration as part of Anchorpoint\u2019s efforts to connect different blockchain networks and financial market participants through common infrastructure.<\/p>\n He said the company was working toward an \u201copen network designed to connect ecosystems, not fragment them.\u201d<\/p>\n Anchorpoint is a joint venture established by Standard Chartered Bank (Hong Kong), telecommunications company HKT, and Animoca Brands.<\/p>\n\n\n
Anchorpoint plans native HKDAP issuance and redemption on Solana<\/strong><\/h2>\n
Solana partnership follows Anchorpoint\u2019s retail expansion plans<\/strong><\/h2>\n
Solana Foundation joins Anchorpoint\u2019s tokenized money program<\/strong><\/h2>\n
Hong Kong\u2019s licensed stablecoin market moves toward retail payments<\/strong><\/h2>\n