Hong Kong dollar stablecoin HKDAP completes Ethereum mainnet transfer testing, expected to be issued in phases as early as this year.

Techub News reports, according to the Hong Kong Economic Times, that Anchor Point Financial (a joint venture established by Standard Chartered Hong Kong, HKT, and Animoca Brands) has announced that it has completed a transfer test of the Hong Kong dollar stablecoin HKDAP (HKD At Par) on the Ethereum mainnet, in collaboration with OSL Group (00863) and Futu's licensed platform "Cheetah Trading." The test covered the conversion of fiat Hong Kong dollars into reserve assets, stablecoin minting, and the transfer process. All HKDAP is fully backed by reserves, and redemptions have been completed.

The parties stated that HKDAP is planned to be issued in phases starting from the end of the second quarter of 2026. OSL will provide liquidity and payment infrastructure support, while Cheetah Trading will leverage its institutional-grade trading capabilities to jointly promote the development of a compliant Hong Kong dollar stablecoin and digital asset ecosystem. Project goals include enhancing cross-border payment efficiency, expanding fiat-to-digital asset exchange channels, and facilitating the implementation of tokenized financial applications.