Standard Chartered-backed Anchorpoint eyes August HKDAP stablecoin rollout

Standard Chartered-backed Anchorpoint Financial has pushed the public rollout of its Hong Kong dollar stablecoin HKDAP into August after the project missed its previously expected second-quarter and end-of-July timelines. Summary Standard Chartered expects to announce the launch of its Hong Kong dollar stablecoin HKDAP during August after missing earlier rollout targets. Anchorpoint said public blockchain testing has continued as it prepares HKDAP for cross border payments and tokenized asset use. The stablecoin will be distributed through approved partners under a B2B2C model instead of being issued directly to end users. Anchorpoint plans to reveal its authorized distributors after announcing the commercial launch of HKDAP. According to the local media outlet the Hong Kong Economic Journal, Standard Chartered Hong Kong and Greater China and North Asia CEO Mary Huen said an announcement related to HKDAP is expected within August, adding that work on the licensed stablecoin has continued since Anchorpoint received its issuer license from the Hong Kong Monetary Authority in April. The latest update follows earlier local media reports that the project would be announced before the en...