Hong Kong has expanded its stablecoin ecosystem with the launch of HKDAP, a Hong Kong dollar‑backed token issued by Standard Chartered’s joint venture Anchorpoint, while in contrast, Chinese regulators have ordered major tech firms like Ant Group and JD.com to halt their stablecoin plans.
In August 2026, Anchorpoint Financial Limited, a joint venture backed by Standard Chartered, HKT, and Animoca Brands, began the phased rollout of HKDAP, a regulated Hong Kong dollar‑backed stablecoin.
The Hong Kong Monetary Authority (HKMA) had earlier granted Anchorpoint one of the first stablecoin issuer licenses under the Stablecoins Ordinance, effective August 2025. HKDAP is designed to serve institutional distributors and professional investors initially, with broader retail adoption expected by late 2026.
Meanwhile, in mainland China, regulators including the People’s Bank of China (PBoC) and the Cyberspace Administration of China intervened to halt stablecoin launches by major technology firms.
Companies such as Ant Group and JD.com had been preparing to issue fiat‑linked tokens in Hong Kong under the new licensing regime, but Beijing ordered them to suspend plans, citing risks to monetary sovereignty and capital flight.
One Side of the Coin: Hong Kong’s Stablecoin Expansion
Hong Kong’s stablecoin framework demonstrates the country’s ambition to become a regional hub for digital assets.
HKDAP is pegged 1:1 to the Hong Kong dollar and aims to support cross‑border payments, settlement of tokenized assets, and integration into commercial applications. Anchorpoint is adopting a business‑to‑business‑to‑consumer (B2B2C) model, leveraging distributors like HashKey Exchange to mint and redeem HKDAP.
Standard Chartered executives emphasized that HKDAP represents a regulated medium of exchange, combining Hong Kong’s legal rigor with blockchain efficiency. The expansion is expected to attract institutional inflows and strengthen Hong Kong’s role in international trade settlement.
Beijing’s Regulatory Intervention
China’s decision to halt private stablecoin launches is a manifestation of its determination to preserve control over monetary policy.
Regulators warned that privately issued stablecoins, especially those pegged to foreign currencies like the U.S. dollar, could enable capital flight, fuel illicit flows, and weaken Beijing’s oversight of cross‑border finance.
Instead, China continues to prioritize the rollout of its central bank digital currency (CBDC), the e‑CNY, which is intended to serve as the state‑controlled alternative to private stablecoins.
Officials are concerned that dollar‑pegged stablecoins are increasingly used in trade settlements, potentially undermining China’s long‑term monetary strategy.
Regional Neighbors, Varying Paths
The divergence between Hong Kong and Beijing depicts two competing models of digital finance.
Hong Kong situates itself as a regulated innovation hub, encouraging tokenized money and cross‑border applications under strict licensing. China, by contrast, is consolidating control, ensuring that digital currency development aligns with state priorities and the e‑CNY project.
Hong Kong’s HKDAP offers a regulated pathway to experiment to investors and businesses with tokenized payments, while China’s intervention shows that private stablecoins will remain off‑limits.
The opposite dynamic could make Hong Kong a magnet for international firms seeking compliant digital asset solutions, even as mainland companies redirect efforts toward e‑CNY‑based products.
