Hong Kong Dollar Stablecoin HKDAP Pushes Solana Expansion to Broaden Global Payments
Summary
- Hong Kong dollar-pegged stablecoin HKDAP said it is pursuing adoption on the Solana blockchain as part of a broader ecosystem expansion.
- Anchorpoint said the partnership will improve accessibility to Hong Kong dollar-based digital assets for retail users and institutional investors and in international markets.
- The two sides said they will use Solana’s fast transaction speeds to improve payment efficiency and expand the global circulation of Hong Kong dollar-based stablecoins, as well as their use in tokenized financial products.
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Hong Kong dollar-pegged stablecoin HKDAP is moving to expand its ecosystem to the Solana blockchain.
Bitcoin.com reported on Nov. 1 that Anchorpoint, which has received approval from the Hong Kong Monetary Authority to issue stablecoins, has formed a strategic partnership with the Solana Foundation and is pursuing HKDAP’s rollout on the Solana network.
Anchorpoint is a consortium led by Standard Chartered with participation from Animoca Brands and Hong Kong telecommunications company HKT. The partnership is designed to broaden HKDAP’s use among retail users and institutional investors and improve access to Hong Kong dollar-based digital assets in international markets.
The two sides plan to enable direct issuance and redemption of HKDAP on the Solana blockchain. The initiative is intended to use Solana’s fast transaction processing to improve payment efficiency and expand the global circulation of Hong Kong dollar-based stablecoins.
Anchorpoint also plans to use HKDAP not only for payments but also for tokenized financial products. Its goal is to strengthen Hong Kong’s competitiveness in treasury management and capital markets while expanding links between regulated financial infrastructure and public blockchains.
Lu Yin, head of Asia-Pacific at the Solana Foundation, said HKDAP on Solana has the potential to improve access to Hong Kong dollar-based digital assets and increase their real-world use. The move would also help connect regulated financial infrastructure with blockchain speed and scalability.
Dominic Maffei, Anchorpoint’s co-founder and chief executive officer, said the partnership combines regulated tokenized money infrastructure with a major public blockchain ecosystem. He added that the company will continue to focus on expanding connectivity across networks and markets.
