Standard Chartered and partners launch Hong Kong stablecoin HKDAP: a new phase of institutional liquidity
A significant event has taken place in Hong Kong's digital asset market: a joint venture involving banking giant Standard Chartered, gaming blockchain company Animoca Brands, and telecommunications operator HKT has officially launched the first phase of issuance of HKDAP, a stablecoin pegged to the Hong Kong dollar.
At the initial stage, access to HKDAP is open exclusively to institutional distributors and professional investors. This strategic decision allows market participants to test the infrastructure and stability mechanisms of the asset in a controlled environment before it reaches the broader retail segment. According to the project's roadmap, the retail market launch is planned by the end of 2026.
The structure of the consortium is of particular interest. The combination of a traditional bank, a blockchain developer, and a telecom operator is a rare example of synergy between classical finance and the innovative ecosystem. Standard Chartered brings regulatory expertise and the trust of institutional clients to the project, Animoca Brands contributes a deep understanding of Web3 technologies and gaming economies, while HKT provides the technological foundation and access to a broad customer base.
HKDAP is positioned as a competitor to existing stablecoins such as USDT and USDC, but with a clear local focus. Its peg to the Hong Kong dollar makes it especially attractive to Asian traders and companies seeking to minimize currency risks in digital asset operations. Hong Kong, which is actively striving to become a global cryptocurrency hub, is clearly betting on the development of its own regulated stablecoins.
For me, this is a signal that institutional players no longer view stablecoins as a niche tool but see them as a full-fledged element of financial infrastructure. The gradual rollout of HKDAP to the market—from institutions to retail—is a balanced approach that reduces the risks of destabilization and allows trust in the asset to be built. In the coming years, we will likely witness a consolidation of the stablecoin market, where locally pegged assets will play no less a role than global giants.