Hong Kong’s First Approved Stablecoin Completes Ethereum Mainnet Test

Hong Kong dollar stablecoin HKDAP completed Ethereum testing and may begin phased issuance by the end of Q2 2026.

Hong Kong moved closer to launching its first officially approved stablecoin after HKDAP completed a successful Ethereum mainnet transfer test. According to HKET, the project was a collaboration between multiple licensed financial and crypto firms to trial the Hong Kong dollar-backed stablecoin system.

HKDAP Successfully Completes Ethereum Transfer Test

Anchorpoint Financial, which received a stablecoin issuer license from the Hong Kong Monetary Authority, led the project. The company collaborated with OSL Group and Futu Holdings’ licensed trading platform, PantherTrade.

The stablecoin of Hong Kong is called “HKD At Par” or HKDAP. The companies managed to make transfers on the Ethereum mainnet with the digital currency during the test.

There were a number of significant steps in the testing process. These included the conversion of the Hong Kong dollar funds into reserve assets before minting the stablecoin. The project also conducted wallet transfers and the entire redemption process once transactions were completed.

In the meantime, Standard Chartered offered infrastructure and institutional trust services in the transfer test. The companies said that all the HKDAP tokens created in the testing process were backed by the reserve assets.

After the test finished, all HKDAP stablecoins were fully redeemed successfully. This proved the stability of the stablecoin system, the companies said.

The project partners also announced that HKDAP will start phased issuance by the end of the second quarter of 2026. The launch will be a gradual one, rather than a sudden one.

Earlier in April 2026, Hong Kong approved its first stablecoin licenses for HSBC and Anchorpoint Financial. The transfer underscored the city’s commitment to fostering regulated digital finance and blockchain development.

Hong Kong Expands Its Regulated Digital Asset Industry

OSL Group said it will assist Anchorpoint Financial and ecosystem partners through the upcoming preparation phases. The company will leverage its liquidity systems, payment services, and trading infrastructure to support the development of Hong Kong’s stablecoin ecosystem.

According to OSL, HKDAP could support faster cross-border payments and safer digital asset transfers. The company also thinks the stablecoin could help drive more adoption of tokenized financial products in Hong Kong.

Kevin Cui, Executive Director and CEO of OSL Group, stated that OSL already has a wide network of infrastructure for its stablecoins. This includes OSL StableHub for trading stablecoins, OSL BizPay for business payments, and Banxa for deposits and withdrawals of stablecoins.

Meanwhile, PantherTrade and Futu Holdings are also set to continue their support of the stablecoin rollout. The partnership could offer investors a regulated and efficient Hong Kong dollar stablecoin solution, said Zhu Guyi, Global Head of Digital Assets at Futu Holdings.

As countries worldwide continue exploring stablecoin regulation, Hong Kong appears focused on building a secure and regulated crypto market. Now, with the successful test of the Ethereum mainnet by HKDAP, this is another significant step towards achieving that objective.

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