Standard Chartered-backed Anchorpoint Targets Retail Adoption of HKDAP with Solana

Anchorpoint Financial, backed by Standard Chartered, has entered into a strategic partnership with the Solana Foundation to bring its regulated Hong Kong dollar stablecoin, HKDAP, to the Solana blockchain. The move comes as the company prepares to extend access to the token beyond institutional clients and eventually reach retail users.

According to an October 30 announcement, the two parties will explore ways to enable HKDAP issuance and redemption directly on Solana. The integration is expected to support everyday payments, tokenized asset trading, and other financial activities that require rapid settlement.

The agreement marks Anchorpoint’s first collaboration with a public blockchain foundation and forms part of its broader efforts to expand the stablecoin’s distribution beyond its existing institutional network.

HKDAP to support payments and tokenized asset settlement on Solana

Under the proposed arrangement, Anchorpoint plans to introduce native minting and redemption capabilities for HKDAP on Solana. This would allow eligible participants to issue and redeem the Hong Kong dollar-backed stablecoin directly through the network.

The company expects Solana’s transaction speed and processing capacity to support payment services and other use cases involving frequent transfers. The network’s existing ecosystem of wallets, applications, and developers could also create additional channels through which users access HKDAP.

Potential applications include retail payments, as well as settlement for tokenized real-world assets and financial products denominated in Hong Kong dollars.

Anchorpoint and the Solana Foundation also intend to engage corporate partners and consumer-facing applications to expand access to HKDAP and related tokenized products across the network.

The announcement highlighted Solana’s existing activity in tokenized finance, citing approximately $4.9 billion in tokenized real-world assets and more than 835,000 RWA holders on the blockchain.

Solana has also been expanding its consumer payment infrastructure through partnerships with established technology companies.

Earlier this month, Samsung Wallet announced plans to introduce USDC transfers for eligible users across 82 million Galaxy devices in the United States, with Solana and Sui providing blockchain infrastructure. The planned service would enable users to transfer USDC to compatible cryptocurrency wallets and eligible overseas bank accounts.

Lu Yin, head of APAC at the Solana Foundation, said the partnership could make Hong Kong dollar-denominated digital money more accessible through applications already used by consumers. He highlighted Solana’s settlement capabilities and international network of developers and wallet providers as potential drivers of everyday financial adoption.

Anchorpoint prepares HKDAP for retail distribution

The partnership follows Anchorpoint’s earlier plans to extend HKDAP access to retail customers through public blockchain infrastructure, although a launch date has not yet been announced.

As crypto.news previously reported, Anchorpoint CEO Dominic Maffei said on October 26 that the company was preparing its distribution infrastructure and customer education initiatives before making the stablecoin available to individual users.

HKDAP currently operates through a controlled institutional distribution model, with access limited to authorized distributors and verified wallets.

The company follows a business-to-business-to-consumer approach, whereby approved partners manage customer access, custody, and conversion services. Users must complete verification procedures, while transfers to unverified addresses remain restricted under the stablecoin’s existing infrastructure.

Anchorpoint began developing this distribution network in August, when it launched HKDAP for eligible institutions and professional investors.

HashKey Exchange participated as an authorized distributor during the initial rollout and completed a minting and redemption transaction involving the stablecoin.

HKDAP was initially introduced to facilitate payments, conversions between fiat currencies and digital tokens, and settlement involving tokenized financial assets.

Standard Chartered later became the stablecoin’s first bank distributor, with plans to support subscriptions to tokenized money market funds and related settlement services.

Solana integration could broaden HKDAP's role in digital payments

Bringing HKDAP to Solana could help Anchorpoint move beyond its current institution-focused distribution model by connecting the stablecoin to a wider ecosystem of wallets, payment applications, and tokenized financial products. However, the partnership's longer-term impact will depend on how quickly the company can translate the proposed integration into accessible services and expand its network of authorized partners.

The development also reflects a broader effort to connect regulated fiat-backed stablecoins with public blockchain infrastructure. For Hong Kong, expanding the use of HKDAP across payments and tokenized assets could strengthen the role of Hong Kong dollar-denominated digital money in emerging financial markets. Yet meaningful retail adoption will require more than faster settlement: clear access procedures, reliable conversion channels, and practical consumer-facing applications will be equally important.