From September 18 to 20, Huaxia Fund (Hong Kong), together with Standard Chartered Bank and a Hong Kong-licensed virtual asset trading platform, completed Hong Kong’s first use case involving subscription and redemption of digital-asset fund units backed by a regulated Hong Kong dollar stablecoin, HKDAP. The amount involved is not large, but it is the first step for HKD stablecoins to move from “getting the license” to “real business.”
First, let’s clarify who is doing what in the chain. HKDAP’s issuer is Anchorpoint. On April 10, 2026, together with HSBC, it obtained the first batch of stablecoin issuer licenses from the HKMA. At the time, 36 institutions applied, but only 2 licenses were issued. Anchorpoint is owned by Standard Chartered Hong Kong Holdings (about 50.5%), Annet Group (about 37.5%), and Hong Kong Telecom (about 12%), using a B2B2C model: it serves institutions first and then reaches retail users. On the licensed trading platform side, it provides trading accounts and is responsible for subscriptions, trading, and settlement between the stablecoin and the fund tokens. Standard Chartered acts as both the custodian of tokens and fund units and the tokenization agent.
Mechanically, what this step addresses is whether stablecoins can earn yield. Previously, stablecoins held in wallets were a zero-yield substitute for cash. Now, they can directly subscribe and redeem a regulated, multi-currency digital currency market fund. Huaxia’s fund series covers three currencies: Hong Kong dollars, US dollars, and RMB, with total size already exceeding HKD 5.8 billion. Huaxia (Hong Kong) CEO Gan Tian called it a breakthrough; I tend to agree with that characterization. For the first time, the issuer, the custodian bank, and the licensed trading platform have completed an end-to-end loop on the same chain, rather than merely demonstrating it in a sandbox.
Next, there are two things to watch: first, whether it can enable 24/7 subscriptions and redemptions so money can move even during non-bank business hours; second, whether the second batch of licenses will further loosen. HKMA Chief Executive Eddie Yu has already set the tone, saying the number of licenses going forward will be “very limited.”
I’d like to hear your view: will the true demand for Hong Kong dollar stablecoins come from cross-border payments, or from wealth management?
#Huaxia Fund Completes Hong Kong Dollar Stablecoin Investment Use Case
First, let’s clarify who is doing what in the chain. HKDAP’s issuer is Anchorpoint. On April 10, 2026, together with HSBC, it obtained the first batch of stablecoin issuer licenses from the HKMA. At the time, 36 institutions applied, but only 2 licenses were issued. Anchorpoint is owned by Standard Chartered Hong Kong Holdings (about 50.5%), Annet Group (about 37.5%), and Hong Kong Telecom (about 12%), using a B2B2C model: it serves institutions first and then reaches retail users. On the licensed trading platform side, it provides trading accounts and is responsible for subscriptions, trading, and settlement between the stablecoin and the fund tokens. Standard Chartered acts as both the custodian of tokens and fund units and the tokenization agent.
Mechanically, what this step addresses is whether stablecoins can earn yield. Previously, stablecoins held in wallets were a zero-yield substitute for cash. Now, they can directly subscribe and redeem a regulated, multi-currency digital currency market fund. Huaxia’s fund series covers three currencies: Hong Kong dollars, US dollars, and RMB, with total size already exceeding HKD 5.8 billion. Huaxia (Hong Kong) CEO Gan Tian called it a breakthrough; I tend to agree with that characterization. For the first time, the issuer, the custodian bank, and the licensed trading platform have completed an end-to-end loop on the same chain, rather than merely demonstrating it in a sandbox.
Next, there are two things to watch: first, whether it can enable 24/7 subscriptions and redemptions so money can move even during non-bank business hours; second, whether the second batch of licenses will further loosen. HKMA Chief Executive Eddie Yu has already set the tone, saying the number of licenses going forward will be “very limited.”
I’d like to hear your view: will the true demand for Hong Kong dollar stablecoins come from cross-border payments, or from wealth management?
#Huaxia Fund Completes Hong Kong Dollar Stablecoin Investment Use Case