Ethereum sees 3 firms test HKDAP stablecoin

Hong Kong’s first officially approved HKD-backed stablecoin, HKDAP, has completed a live transfer test on Ethereum involving three licensed firms.

The transfer of Hong Kong’s HKD-backed stablecoin on Ethereum (ETH) demonstrates the regulator’s willingness to adopt innovative DeFi tooling.

According to a May 21 report, Anchorpoint Financial, one of the China’s first entities to secure a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA), has successfuly tested the stablecoin alongside OSL Group and PantherTrade, a licensed trading platform backed by Futu Holdings.

What does the HKDAP Ethereum test show?

The test confirms that HKDAP can be issued, transferred, and settled on a public blockchain without technical failure. This is not a sandbox simulation but a mainnet transaction, meaning the infrastructure is production-grade. That distinction matters because previous stablecoin pilots in Asia often remained confined to permissioned environments.

A spokesperson involved in the test said, “The successful mainnet transfer validates both the technical architecture and compliance framework for HKDAP ahead of issuance.” The quote underscores that regulatory approval and blockchain execution are being developed in parallel rather than sequentially.

Why is Hong Kong pushing a regulated stablecoin?

Hong Kong’s approach contrasts sharply with the fragmented regulatory posture seen in the U.S. and parts of Europe. By licensing issuers like Anchorpoint Financial and requiring full backing of reserves, the HKMA is attempting to create a compliant alternative to offshore dollar-pegged stablecoins.

The HKDAP model is explicitly pegged 1:1 to the Hong Kong dollar, positioning it as a regional settlement layer rather than a global reserve asset like Bitcoin (BTC) or a programmable ecosystem token like Ethereum. However, deploying it on Ethereum allows immediate interoperability with DeFi protocols, wallets, and exchanges.

OSL Group’s involvement is also notable. As one of Hong Kong’s few licensed digital asset platforms, OSL provides a regulated on-ramp for institutional users. PantherTrade, backed by Futu Holdings, adds another layer of distribution, potentially linking traditional brokerage clients with on-chain assets.

According to analysts, the timing is also strategic. With phased issuance expected by the end of Q2 2026, HKDAP could become one of the first fully regulated fiat-backed stablecoins in Asia operating on a public blockchain. That would place it in direct competition with existing dollar-pegged assets while offering regulatory clarity that many global stablecoins lack.

“Anchorpoint will issue the HKDAP (i.e. HKD At Par), a regulated Hong Kong dollar‑backed stablecoin, leveraging a business‑to‑business‑to‑consumer (B2B2C) model,” the joint venture said, adding that rollout will begin in the second quarter of 2026 and proceed in phases.

For context, stablecoins currently account for over $150 billion in circulating supply globally, with the majority denominated in U.S. dollars. Hong Kong’s move signals an attempt to localize that liquidity under its own monetary and regulatory system.