Standard Chartered-backed Anchorpoint Financial has not set a date for retail access to its Hong Kong dollar stablecoin, HKDAP, even as HSBC begins offering RedCoin through its PayMe app.
Anchorpoint chief executive Dominic Maffei said the company was taking a cautious approach to a public launch, according to an October 26 report by the South China Morning Post. The company still plans to reach everyday customers, but has not confirmed when that will happen.
That leaves Hong Kong’s first two licensed stablecoin issuers pursuing different rollout plans: Anchorpoint is testing institutional use, while HSBC has started introducing its product to retail customers.
Anchorpoint keeps HKDAP in its institutional phase
Anchorpoint’s official FAQ says its full launch could begin as early as the end of 2026. However, that target depends on the readiness of distributors, custody services and other infrastructure. It is not a firm launch commitment.
HKDAP remains in beta access. Authorised distributors can currently support institutions, companies and professional investors, while retail users are not included in this stage. The token is designed to track the Hong Kong dollar at par. Anchorpoint says its beta token is available on Ethereum mainnet.
Standard Chartered became an authorised distributor in August, supporting plans to test real-world uses such as cross-border payments, tokenised asset settlement and corporate transactions.
Anchorpoint’s transparency dashboard reported HK$6.11 million in circulation and HK$7.21 million in reserves as of October 21. The company labels its weekly reserve statements unaudited; independent attestations are planned for after full launch. Those numbers show early activity, not established retail demand.
HSBC brings RedCoin to PayMe users
For the initial rollout and payment features, see BlockBriefing’s earlier report on HSBC’s RedCoin launch through PayMe.
HSBC announced RedCoin’s launch on October 23. The Hong Kong dollar-backed stablecoin, ticker RCHKD, is being introduced through the bank’s existing PayMe app.
HSBC said more than 3.3 million PayMe users would be able to activate stablecoin wallets over the following days. Initial uses include sending money to other users and paying merchants. The bank also pointed to more than 100,000 merchants on PayMe and said support for tokenised investment products is planned later.
The 3.3 million figure represents PayMe’s existing user base and potential reach. It does not mean all those customers have activated a RedCoin wallet or completed a stablecoin payment.
What the different rollouts mean for Hong Kong
The Hong Kong Monetary Authority’s licence register identifies both HSBC and Anchorpoint as authorised issuers. Their licences took effect on April 10, 2026, under the city’s stablecoin framework.
HSBC is testing how digital tokens fit inside a widely used payment app. Anchorpoint is building distribution and business use cases before opening access to the broader public. Both approaches could shape how regulated stablecoins move into day-to-day payments, but neither guarantees widespread adoption.
For Anchorpoint, the next development to watch is a confirmed retail launch plan. Until then, HKDAP’s institutional beta should not be mistaken for general public availability.
Risk note: Stablecoins aim to maintain a fixed value but still involve issuer, custody, technology and redemption risks. This report is informational and is not investment advice.
