Company
Hong Kong joint venture of Standard Chartered, HKT and Animoca Brands that issues the HKDAP stablecoin under HKMA licence FRS01.
Hong Kong will table a bill by end-2026 creating four SFC crypto licences, covering dealing, custody, advisory and management, with no grandfathering. For firms holding neither an SFC nor an HKMA licence, the date that decides their business is commencement, and it has not been set.
Reality
Christopher Hui gave Hong Kong lawmakers an offshore-yuan agenda led by PBoC swap talks while the city's two licensed stablecoin issuers lack a trading venue. Both issue Hong Kong-dollar coins, and the licensing bill for virtual-asset trading is promised only for later this year.
Reality
HSBC's licensed Hong Kong dollar stablecoin, RedCoin, is due by year-end inside PayMe, an app with more than 3.3 million users. No coin has been issued yet, so that figure is the reach of Hong Kong's biggest lender, and demand for the token is still untested.
Perspective Coverage
3 publishersReality
The Securities and Futures Commission is drafting a digital-asset licensing regime alongside the upgrade, and the Hong Kong dollar stablecoin already in circulation totalled 522,000 tokens on August 19.
Reality
Becoming HKDAP's first bank distributor gives institutions on-chain settlement without an exchange account. It also leaves one group holding the issuer stake, the reserves and the channel.
Reality
Binance's bStocks passed xStocks in under two months to become the second-largest issuer. The category grew roughly 34x in a year, and the leaderboard now rewards whoever already owns the order flow.
Reality
Analyst Yajin Zhou's team says the KYC and revocation controls in Anchorpoint's live HKDAP contract do not work as coded. The contract is verified on Etherscan, so anyone can check.
Reality