Hong Kong's first approved stablecoin HKDAP completes its first end-to-end transaction on the Ethereum public chain

Institutions such as Anchorpoint Financial, OSL Group, and PantherTrade have successfully completed Hong Kong's first approved stablecoin HKDAP's initial end-to-end financial transaction on the Ethereum public blockchain. This digital asset operates under the supervision of the Hong Kong Monetary Authority.

The technical execution was jointly completed by Anchorpoint Financial, a fintech company supported by Standard Chartered Hong Kong, and digital brokers OSL Group and PantherTrade. In this blockchain test, participants directly converted traditional physical Hong Kong dollars into reserve assets, triggering the minting of on-chain digital balances, and after the transaction was completed, exchanged the tokens back to fiat bank balances through a redemption agreement.

Standard Chartered provided the custody framework and trust services for this. The stablecoin is scheduled to begin phased public issuance by the end of the second quarter of this year.