HKDAP completes Ethereum mainnet transfer 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, giving the project its first public-chain transaction milestone ahead of launch. The companies said the test covered the full flow from Hong Kong dollar fiat funding into reserve assets, minting and transfer of the token, and redemption after the transfers were completed. Standard Chartered provided the banking infrastructure and institutional trust services used in the exercise. The test matters because HKDAP is being built inside Hong Kong’s new licensing regime for fiat-referenced stablecoins. The Hong Kong Monetary Authority said on April 10 that it granted stablecoin issuer licences to Anchorpoint Financial Limited and HSBC under the Stablecoins Ordinance, with the licences taking effect that day. Anchorpoint is a joint venture of Standard Chartered Bank (Hong Kong), HKT and Animoca Brands, Standard Chartered said in a separate release. (osl.com) ### What exactly did the companies say they tested? OSL said the test covered “the lifecycle of HKD fiat funding into reserve assets,” followed by minting and transfer of HKDAP on Ethereum mainnet. The company also said all HKDAP used in the test was fully redeemed afterward. That means the announcement was about an end-to-end operational test, not just a token movement between wallets. (hkma.gov.hk) Standard Chartered’s role was limited to infrastructure named in the announcement. OSL said the bank provided banking infrastructure and institutional trust services that fully backed the minting and transfer of HKDAP during the test. ### Who is behind HKDAP? Anchorpoint is the licensed issuer for HKDAP. The Hong Kong Monetary Authority identified Anchorpoint Financial as one of the first two licensed stablecoin issuers in the city on April 10, and Standard Chartered said Anchorpoint is backed by Standard Chartered Bank (Hong Kong), HKT and Animoca Brands. (osl.com) OSL is the distribution and infrastructure partner named in the test announcement. (osl.com) The company described itself as a regulated stablecoin payment and trading platform and said it plans to use products including OSL StableHub, OSL BizPay and Banxa to support the rollout. ### Why was Ethereum mainnet the venue for the test? Ethereum mainnet was the public blockchain named in the announcement, and OSL described the exercise as test transfers of the “first regulated Hong Kong Dollar-backed stablecoin” on a public chain. (hkma.gov.hk) The choice shows the parties tested issuance and movement in a live blockchain environment rather than in a closed sandbox or internal ledger. That description is an inference from OSL’s reference to Ethereum mainnet and a “public chain.” (osl.com) Anchorpoint Chief Executive Dominic Maffei said the test mint and transfer demonstrated the group’s effort to provide “a secure, accessible and regulated form of tokenised money.” OSL Chief Executive Kevin Cui said the company’s stablecoin infrastructure is designed for trading, cross-border payments and on- and off-ramps. ### What does this say about Hong Kong’s stablecoin rollout? (osl.com) The April 10 licensing decision set the formal regulatory backdrop. The HKMA said licensed issuers intend to complete preparations and launch their stablecoin products “as soon as practicable,” while OSL said after the May 13 test that it would keep working with Anchorpoint and ecosystem partners on a phased HKDAP launch. (osl.com) The HKMA also warned on April 28 about tokens only “purported to be associated” with licensed issuers, a reminder that the regulator is distinguishing between licensed products and unofficial offerings as the market develops. ### What happens next? OSL said the next step is a phased HKDAP launch targeted by the end of the second quarter of 2026. Anchorpoint’s public statements tie that launch to payments and capital flows, while the HKMA’s register and licensing page remain the official places to verify licensed issuers as rollout continues. (hkma.gov.hk) (osl.com) (hkma.gov.hk)