Anchorpoint Taps Solana to Launch HKDAP Regulated Stablecoin

Anchorpoint To Bring HKDAP Stablecoin to Solana

Anchorpoint, a consortium licensed by the Hong Kong Monetary Authority (HKMA) to contented Hong Kong dollar-backed stablecoins, has taken the archetypal steps to motorboat its HKDAP stablecoin into the wider crypto market.

The consortium, led by Standard Chartered with the information of Animoca Brands and HKT, entered a strategic collaboration with the Solana Foundation to enactment retail and organization usage cases for its HKDAP Hong Kong dollar-pegged stablecoin.

The concern encompasses enactment for the autochthonal minting and redemption of HKDAP on
the Solana blockchain, with near-instant colony speed, successful summation to broadening the planetary scope and adoption of the stablecoin arsenic a mode to fortify “Hong Kong Dollar’s entreaty successful planetary markets” and enactment “Hong Kong arsenic a starring treasury and superior markets hub.”

Anchorpoint besides stressed that it was funny successful expanding the usage of HKDAP beyond retail applications, facilitating entree to HKDAP and HKDAP-enabled tokenised products utilizing Solana arsenic a vehicle.

Lu Yin, Head of APAC astatine the Solana Foundation, highlighted the benefits of HKDAP’s deployment connected the Solana blockchain. “HKDAP connected Solana has the imaginable to marque Hong Kong Dollar-denominated integer worth much accessible and utile crossed a wider scope of real-world usage cases,” helium assessed, stressing that this determination helps “bridge regulated fiscal infrastructure with the speed, accessibility and standard needed for the adjacent procreation of integer fiscal services.”

“Our collaboration with Solana Foundation reflects that philosophy, bringing unneurotic regulated tokenised wealth infrastructure and 1 of the world’s starring nationalist blockchain ecosystems,” said Dominic Maffei, co-founder and CEO of Anchorpoint. “As we proceed to grow the HKDAP ecosystem, our absorption remains connected enabling connectivity crossed networks, participants and markets,” helium concluded, hinting astatine further deployment successful much networks.

The determination follows the motorboat of Redcoin, different Hong Kong-pegged stablecoin issued by HSBC that entered the retail marketplace done PayMe, a mobile outgo strategy that enables peer-to-peer (P2P) and peer-to-merchant payments for each of PayMe’s 3.3 cardinal users, successful summation to tokenized investments “coming soon” done the HSBC HK app.