Friday, October 30, 2026 · SOLTRACER afternoon post
On a day when most crypto headlines were about Binance's losses, one of Hong Kong's two licensed stablecoin issuers chose Solana as the first public network where its Hong Kong dollar token can be minted and redeemed natively.
What was announced
Anchorpoint Financial, a joint venture of Standard Chartered Bank (Hong Kong), the telecom group HKT and Animoca Brands, said on Oct 30 that it is partnering with the Solana Foundation to bring HKDAP, its Hong Kong dollar stablecoin, to Solana. The plan covers three things:
Native minting and redemption on Solana, so eligible participants can issue and cash out HKDAP directly on the network instead of bridging it in.
Retail payments and settlement, with everyday payments, tokenized asset trading and HKD-denominated financial products named as the main uses.
A seat at the table. The Solana Foundation joins Anchorpoint's Tokenised Money Adoption Programme as a strategic partner, after PwC Hong Kong became its first partner in September.
It's Anchorpoint's first deal with a public blockchain foundation. No launch date has been set.
Why this one matters
Anchorpoint isn't a startup stablecoin. It holds licence FRS01 under Hong Kong's Stablecoins Ordinance, one of the first two the Hong Kong Monetary Authority granted, on April 10, 2026. HSBC holds the other, FRS02. The rules require full reserve backing, redemption rights and anti-financial-crime controls.
Until now, HKDAP has run as a controlled institutional beta since August, with access through approved distributors and verified wallets. Its whitepaper says the token launched first on Ethereum, with more chains to come. HashKey Exchange completed an early mint and redemption, and Standard Chartered became its first bank distributor. The Solana deal is part of a move toward retail, which CEO Dominic Maffei previewed on Oct 26.
The competition is real. HSBC began rolling out its own HKD stablecoin through its PayMe app, with more than 3.3 million users, on Oct 23. Anchorpoint picking Solana for its retail push is a bet that Solana's wallets and apps can reach those consumers.
How it fits the Solana story
This lines up with a pattern we keep tracking: regulated money and assets landing on Solana even while SOL's price struggles.
Anchorpoint's announcement cited about $4.9B in tokenized real-world assets and more than 835,000 RWA holders on Solana. Solana's own account put RWA value at a record $5.19B on Oct 28, using RWA.xyz data.
Solana stablecoins stood at $15.39B in this morning's numbers, almost all of it U.S. dollar coins. A licensed HKD coin would add a new currency, not just more dollars.
It follows Mirae Asset's Hong Kong unit issuing tokenized notes on Solana this week.
There are caveats. HKDAP keeps its know-your-customer controls, and transfers to unverified addresses are restricted, so this isn't a freely tradable DeFi coin yet. Nothing goes live until Anchorpoint sets a date.
The market backdrop
None of this moved the price today. As of 4:04 PM ET, SOL is at $94.86, down about 4.5% over 24 hours, while Bitcoin is down about 4.4% at $76,903. That's still Binance fallout. The Hong Kong deal is a slower story about where regulated money settles.
We're adding HKDAP to our watch list for the Catalyst Tracker, and it would move up when a launch date or first retail partner is named. Follow SOL and stablecoin supply on the Dashboard.
Sources: crypto.news: Anchorpoint and Solana · TradingView: Solana Foundation joins TAP · HKMA licensed issuer register · HKMA: first stablecoin licences · Anchorpoint: TAP and PwC · HKDAP whitepaper · CoinGabbar: Solana RWA record · CoinDesk CC: Mirae on Solana · CoinGecko
Prices as of 4:04 PM ET on Oct 30, 2026.
Not investment advice. See our Disclaimer.
