Licensed banks complete first live HKDAP stablecoin test on Ethereum

A consortium of licensed financial institutions has successfully completed the first live transfer test of Hong Kong's regulated stablecoin, HKDAP, on the Ethereum mainnet. The test, conducted by Anchorpoint Financial, OSL Group, and PantherTrade, marks a significant technical and regulatory milestone for the city's digital asset strategy.

The exercise, which took place on May 13, covered the full operational lifecycle of the stablecoin. It involved converting fiat Hong Kong dollars into reserve assets, minting the HKDAP tokens, executing on-chain transfers, and then fully redeeming all tokens. By the conclusion of the test, zero tokens remained in circulation, demonstrating the complete process under a controlled environment. Standard Chartered's banking infrastructure provided the institutional trust services, ensuring every minted token was fully backed by reserve assets.

HKDAP, which stands for Hong Kong Dollar At Par, is designed to maintain a 1:1 peg with the Hong Kong dollar. Its reserves are held under the supervision of the Hong Kong Monetary Authority (HKMA). Anchorpoint Financial, a joint venture formed by Standard Chartered Hong Kong, telecommunications firm HKT, and...