Hong Kong Dollar Stablecoin HKDAP Pushes Solana Expansion to Broaden Global Payments

Hong Kong dollar-pegged stablecoin HKDAP is moving to expand its ecosystem to the Solana blockchain.

Anchorpoint, which has received approval from the Hong Kong Monetary Authority to issue stablecoins, has formed a strategic partnership with the Solana Foundation to pursue HKDAP’s launch on the Solana network, Bitcoin.com reported on Nov. 1.

Anchorpoint is a consortium led by Standard Chartered and backed by Animoca Brands and Hong Kong telecommunications company HKT. The partnership is designed to expand HKDAP’s use among both retail users and institutional investors while increasing access to Hong Kong dollar-based digital assets in international markets.

The two sides plan to support direct issuance and redemption of HKDAP on the Solana blockchain. They aim to use Solana’s fast transaction speeds to improve payment efficiency and widen the global circulation of a Hong Kong dollar-based stablecoin.

Anchorpoint also plans to use HKDAP not only for general payments but also for tokenized financial products. The company said the effort is intended to strengthen Hong Kong’s competitiveness in treasury management and capital markets while expanding connectivity between regulated financial infrastructure and public blockchains.

Lu Yin, head of Asia-Pacific at the Solana Foundation, said HKDAP issued on Solana could improve access to Hong Kong dollar-based digital assets and boost their real-world use. It would also help bridge regulated financial infrastructure with blockchain speed and scalability.

Dominic Maffei, Anchorpoint’s co-founder and chief executive officer, said the partnership brings together regulated tokenized currency infrastructure and a major public blockchain ecosystem. Anchorpoint will keep focusing on expanding connectivity across networks and markets, he added.