Hong Kong’s regulated stablecoin market is beginning to move from regulatory design to practical financial infrastructure. Finloop Finance has joined HKDAP Beta Access as an authorised distributor, giving eligible institutions, corporate users and professional investors access to subscription, redemption, exchange, trading and settlement services for the Hong Kong dollar-backed stablecoin.
The partnership between Finloop Finance Technology Holding Limited (Finloop Holding), its subsidiary Finloop Finance, and Anchorpoint Financial Limited comes as Hong Kong tests how regulated stablecoins can function beyond crypto trading.
Finloop said it has completed the integration required to distribute HKDAP, Anchorpoint’s Hong Kong dollar-backed stablecoin, and expects to begin serving eligible users through its platform next week. The company will provide access to HKDAP alongside liquidity and distribution services during the beta phase.
The announcement is significant less because it introduces another digital asset than because it adds a regulated distribution layer around tokenised Hong Kong dollars. For financial institutions, the question is increasingly shifting from whether stablecoins exist to where they can fit into existing payment, settlement and asset-management workflows.
A stablecoin is a blockchain-based digital token designed to maintain a stable value against an underlying currency or asset. In the case of HKDAP, the relevant reference currency is the Hong Kong dollar. Unlike many crypto-native assets, regulated stablecoins are being developed with requirements around issuance, reserves, compliance and governance.
Hong Kong’s Stablecoins Ordinance came into effect on August 1, 2025, establishing a licensing regime for fiat-referenced stablecoin issuers. The Hong Kong Monetary Authority (HKMA) has said the framework is intended to strengthen financial stability while supporting financial innovation.
That regulatory foundation gives HKDAP a different positioning from widely used dollar-denominated stablecoins such as USDT and USDC. It also places the project in a developing category of regulated tokenised money that includes bank-issued tokenised deposits and other digital settlement instruments.
Finloop’s role could be particularly relevant because the company already operates across securities dealing, virtual assets and real-world asset (RWA) tokenisation. Hong Kong’s Securities and Futures Commission has confirmed that Finloop Finance holds a Type 1 licence and has imposed conditions governing its virtual-asset dealing activities, including the use of an SFC-licensed platform and specified client relationships.
For enterprise users, the more interesting part of the announcement is the potential application layer. Finloop and Anchorpoint said they are exploring HKDAP for cross-border payments, trade finance and RWA tokenisation.
Those use cases point toward a broader evolution in financial infrastructure. Instead of treating a stablecoin simply as a digital representation of cash, financial institutions can use tokenised money as a settlement component within a larger transaction.
Consider a tokenised asset transaction. An investor could potentially acquire a tokenised financial asset while payment and delivery are coordinated on compatible digital infrastructure. In theory, that can reduce reconciliation work and shorten settlement timelines. Similar infrastructure could support corporate payments across borders where conventional correspondent-banking processes introduce delays or multiple intermediaries.
The technology, however, does not automatically eliminate those problems. Stablecoin networks still need reliable identity controls, compliance processes, liquidity, custody, interoperability and connections to conventional banking systems.
That is where regulated distributors such as Finloop become strategically important.
The emerging competition is therefore not simply between HKDAP and other stablecoins. It is between different forms of tokenised money and different settlement architectures. JPMorgan has developed JPM Coin for institutional payments, while PayPal and Circle have pushed stablecoin-based payment infrastructure into broader commercial ecosystems. Banks, fintech companies, exchanges and infrastructure providers are all testing where blockchain-based money can complement existing payment rails.
For Hong Kong, a local-currency stablecoin could address a different requirement: providing tokenised HKD liquidity within a regulated domestic financial ecosystem while potentially connecting that liquidity to international markets.
McKinsey’s research illustrates both the opportunity and the current limitations. Its February 2026 analysis estimated that genuine stablecoin payments reached about $390 billion in 2025, representing only around 0.02% of global payments. Yet B2B payments accounted for roughly $226 billion, or about 60% of stablecoin payment volume, suggesting that business settlement may become one of the earliest meaningful enterprise applications.
That distinction matters. Headline blockchain transaction figures can make stablecoin adoption appear much further advanced than real-world payments actually are. The enterprise opportunity will ultimately depend on whether tokenised money can integrate with treasury systems, accounting platforms, compliance infrastructure and existing payment networks.
For enterprise finance teams evaluating HKDAP or similar instruments, the practical questions will therefore extend beyond transaction speed. They will need to assess reserve transparency, redemption mechanisms, counterparty exposure, wallet and custody arrangements, AML controls, accounting treatment, tax implications and interoperability with existing financial systems.
The Finloop-Anchorpoint collaboration offers an early example of how that infrastructure could be assembled. It combines a regulated stablecoin issuer with a licensed financial intermediary that already has exposure to digital assets and tokenised securities.
The next test will be commercial traction. If HKDAP can move from beta access into repeatable corporate payments, trade-finance settlements or tokenised-asset transactions, Hong Kong’s stablecoin framework will begin to demonstrate its value in the financial system rather than merely in the digital-asset market.
For now, the partnership is best understood as an infrastructure experiment with institutional ambitions. Its importance will depend on whether regulated tokenised HKD can solve specific financial problems better than conventional rails—not simply whether it can put Hong Kong dollars on a blockchain.
Market Landscape
Hong Kong is positioning regulated stablecoins as part of a broader digital-finance infrastructure strategy. The Stablecoins Ordinance established a licensing framework for fiat-referenced stablecoin issuers in August 2025, while the HKMA has emphasised reserve management, supervision and anti-money-laundering requirements.
Globally, stablecoins remain small relative to traditional payments but are gaining traction in selected use cases. McKinsey estimates genuine stablecoin payments at approximately $390 billion in 2025, with B2B transactions representing about 60% of the total.
The competitive landscape includes Circle’s USDC, Tether’s USDT, PayPal’s PYUSD, bank-issued tokenised money such as JPM Coin, and emerging regulated stablecoins in jurisdictions including the European Union, United Kingdom, Japan and Hong Kong. McKinsey describes the market as increasingly shaped by multiple payment rails rather than a single replacement for conventional banking infrastructure.
For Hong Kong, the strategic opportunity is particularly tied to cross-border finance, trade and tokenised assets. The challenge will be building enough liquidity, interoperability and enterprise connectivity for HKDAP to become useful outside a controlled beta environment.
Top Insights
- Finloop joins HKDAP Beta Access, giving institutions and professional investors regulated access to Hong Kong dollar stablecoin subscription, redemption, trading and settlement infrastructure.
- HKDAP targets institutional finance rather than crypto speculation, with Finloop and Anchorpoint exploring cross-border payments, trade finance and real-world asset tokenisation.
- Hong Kong’s stablecoin regime creates a regulated foundation, potentially giving local tokenised money an advantage in institutional compliance, governance and financial-market integration.
- B2B payments are emerging as a major stablecoin use case, with McKinsey estimating they represented roughly 60% of genuine stablecoin payment volume in 2025.
- Enterprise adoption will depend on infrastructure, including custody, AML controls, liquidity, accounting, interoperability and connections between blockchain networks and traditional banking systems.
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