Standard Chartered-Backed Anchorpoint Won’t Rush Retail Launch of Hong Kong Dollar Stablecoin

Standard Chartered-backed stablecoin firm Anchorpoint said it will not rush the retail launch of its Hong Kong dollar-pegged stablecoin.

Cointelegraph reported on October 25 that Anchorpoint said at a recent press conference it has not set a timetable for rolling out the Hong Kong dollar-based stablecoin to retail users. The company said it would keep a cautious approach to expansion even as rival HSBC moved ahead with its own retail offering.

Anchorpoint launched its stablecoin service for institutional investors in August. It later indicated it could expand the service to retail users by the end of this year, but has yet to set a specific schedule.

Chief Executive Officer Dominic Maffei declined at an October 23 press conference to give a firm timeline for a retail stablecoin launch. “What matters is building the market in a way that is sustainable over the long term,” he said. “It is not reasonable to rush the launch.”

HSBC, by contrast, launched its Hong Kong dollar-pegged stablecoin RedCoin on the same day. The service is being offered to about 3.3 million users of HSBC’s PayMe payments app.

Anchorpoint was established through cooperation among Standard Chartered, blockchain company Animoca Brands and Hong Kong telecommunications company HKT. The three companies jointly entered Hong Kong’s regulatory sandbox for stablecoin issuers in July 2024 and announced plans for the venture in February 2025.

Animoca Brands is providing Anchorpoint with blockchain technology and industry networks. Through that support, the company plans to expand stablecoin use cases in the Web3 ecosystem and connect the token with a broader range of services.