Customary Chartered-led Anchorpoint Monetary has began a restricted rollout of HKDAP, its Hong Kong dollar-backed stablecoin, 4 months after securing one of many metropolis’s first two issuer licences.
The preliminary rollout will deal with institutional funds and settlement earlier than including extra entry channels and cross-border purposes.
HashKey Trade and OSL Group joined as approved distributors, permitting eligible establishments {and professional} buyers to acquire HKDAP by their apps and different supported channels, in accordance with separate bulletins.
HashKey stated it had accomplished its first minting and redemption transaction for the token, together with conversions between HKDAP and fiat foreign money.
Anchorpoint, a three way partnership between Customary Chartered, Animoca Manufacturers and HKT, plans to make use of distributors and industrial companions to convey the token into funds, settlement and different monetary purposes. HKDAP stands for “Hong Kong greenback at par.”
Stablecoins are cryptocurrencies with values pegged to an exterior reference equivalent to fiat currencies. Stablecoins are broadly used to finance crypto buying and selling, function a method of cost and facilitate cross‑border capital flows. The mixed market cap of all stablecoins was practically $287 billion as of this writing.