Hong Kong HKDAP completes Ethereum test

OSL Group and Anchorpoint Financial said on May 13 they completed test transfers of HKDAP, a Hong Kong dollar-backed stablecoin, on Ethereum mainnet. The companies described the transfer as an end-to-end test covering minting, movement and redemption on a public blockchain. The step puts a concrete transaction behind a project that has been part of Hong Kong’s push to build a regulated stablecoin market. Anchorpoint has also said official issuance of HKDAP is planned in phases in the second quarter of 2026. ### Who is behind HKDAP? Anchorpoint Financial is the issuing vehicle for HKDAP, and Standard Chartered said on April 10 that the company is a joint venture established by Standard Chartered Bank (Hong Kong), HKT and Animoca Brands. The bank said Anchorpoint was one of two firms granted a stablecoin issuer licence by the Hong Kong Monetary Authority. (osl.com) HKDAP stands for “HKD At Par,” according to OSL and Standard Chartered. The project is designed as a Hong Kong dollar-backed stablecoin under the city’s licensing regime rather than an offshore token offered outside local oversight. ### What exactly was tested on Ethereum? OSL said the May 13 test transfers took place on Ethereum mainnet, not on a private or permissioned network. (sc.com) The company said the process covered converting Hong Kong dollars into reserve assets, minting HKDAP, transferring the token on-chain and then redeeming it. The transfer test also involved PantherTrade, according to secondary reports that cited the companies’ announcement. (osl.com) Those reports said PantherTrade, a licensed virtual asset trading platform backed by Futu Holdings, participated alongside Anchorpoint and OSL in the transfer exercise. ### Why does the public-chain detail matter? Ethereum was the network used for the test, and OSL said that meant HKDAP was trialed on a public blockchain with open settlement rails. (osl.com) The company framed the test as part of building a fiat-to-digital gateway for payments and trading tied to regulated issuance. Placing the test on Ethereum mainnet also distinguishes this phase from earlier policy discussion around stablecoins in Hong Kong, which centered on licensing and reserve requirements. (cryptoadventure.com) What has now been shown is that the licensed issuer and its partners have publicly said they completed a live mainnet transfer workflow. ### What does Hong Kong’s licence tell us about the rollout? (osl.com) The Hong Kong Monetary Authority licence is the key regulatory fact attached to HKDAP. Standard Chartered said the licence was granted under the Stablecoins Ordinance that took effect on August 1, 2025. Hong Kong Business and other reports said Anchorpoint expected phased issuance of HKDAP to begin in the second quarter of 2026. (sc.com) That timeline lines up with the latest reporting around the Ethereum mainnet test, which positioned the transfer milestone as a step before launch. ### What happens next? Anchorpoint said in April that HKDAP would be part of the first batch of regulated Hong Kong dollar stablecoins launched under the new regime. (sc.com) OSL has now said the transfer test is complete, leaving phased issuance in the second quarter of 2026 as the next named milestone. The next concrete disclosures to watch are from Anchorpoint, OSL, Standard Chartered and the Hong Kong Monetary Authority. (hongkongbusiness.hk) Those updates would be expected to cover launch timing, distribution arrangements and any additional participants in the first regulated HKDAP issuance. (sc.com)