Hong Kong has moved closer to launching a regulated stablecoin ecosystem after HKDAP completed a successful Ethereum mainnet transfer test.
The milestone highlighted growing coordination between traditional finance firms and digital asset companies in the region.
Institutional backing and regulatory approval strengthened confidence around the Hong Kong dollar-pegged stablecoin project.
The development also signaled progress in Hong Kong’s broader plan to become a leading digital asset hub.
HKDAP test strengthens Hong Kong’s regulated Stablecoin framework
According to press release, Anchorpoint Financial, OSL Group, and PantherTrade completed the Ethereum mainnet transfer test for HKDAP this week.
The test involved converting Hong Kong dollar funds into reserve assets before minting the stablecoin. All minted HKDAP tokens were later redeemed after the test concluded.
Anchorpoint Financial recently secured a stablecoin issuer license from the Hong Kong Monetary Authority.
The company operates as a joint venture backed by Standard Chartered Hong Kong, Hong Kong Telecom under PCCW, and Animoca Brands.
The partners combined banking infrastructure with Web3 expertise during the testing process.
Standard Chartered supported the reserve management and institutional trust services behind HKDAP.
The firms stated that every minted token remained fully backed by reserve assets throughout the test.
OSL Group confirmed it supported the transfer test and ongoing issuance plans.
OSL Group CEO Kevin Cui stated that the company had already established stablecoin trading infrastructure through OSL StableHub, OSL BizPay, and Banxa. He explained that the ecosystem supports foreign exchange trading, cross-border payments, and stablecoin deposits.
Cui added that the infrastructure would strengthen services for OSL customers and partners while supporting long-term ecosystem development.
Institutional partnerships drive HKDAP issuance plans
PantherTrade, a wholly owned subsidiary of Futu Holdings, also joined the Ethereum mainnet test.
Zhu Guyi, Global Head of Digital Assets at Futu Group, stated that the company continued promoting compliant digital asset participation among qualified investors.
He noted that the partnership would deliver efficient Hong Kong dollar stablecoin solutions to Futu’s institutional and investor network.
Anchorpoint Financial CEO Dominic Maffei described the completed test as an important milestone for HKDAP. He stated that phased issuance would begin later in 2026 to support payments and capital flows across the real economy.
Maffei added that Anchorpoint Financial aimed to build a regulated and convenient tokenized currency system for Hong Kong. He said closer collaboration with firms like Futu and PantherTrade remained essential for expanding the city’s tokenized financial asset market.
OSL Group stated that it would continue supporting issuance preparations and ecosystem integration efforts.
The company expects HKDAP to improve cross-border payment efficiency and expand regulated digital asset adoption across the region.
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