HKD At Par (HKDAP) is a fiat-backed index-linked stablecoin. It has about $2.1M in circulation, ranking #179 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is HKDAP?
HKD At Par (HKDAP) is a fiat-backed index-linked stablecoin. It has about $2.1M in circulation, ranking #179 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: HKDAP (HKD At Par) is a Hong Kong dollar-denominated stablecoin issued by Anchorpoint Financial Limited.
HKDAP supply history
HKDAP supply grew 1,499.6% over the past 30 days, to $2.1M. Its peak was $16.1M in October 2026, and supply is 87% below that high.
Is HKDAP holding its peg?
There is no live market price for HKDAP. It is not actively traded on any exchange or DEX we can see, which is common for bank-issued and permissioned stablecoins that are only minted and redeemed directly with the issuer.
Where HKDAP lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all HKDAP. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How HKDAP is backed
Each HKDAP is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Minting and redemption: Issued by Anchorpoint Financial Limited (an HKMA-licensed stablecoin issuer and Standard Chartered Bank (Hong Kong) subsidiary, formed as a joint venture with HKT and Animoca Brands) and distributed through authorised partners. HKDAP is designed to hold a HK$1 value with reserves in cash and highly liquid HKD assets held in trust by Standard Chartered Trustee (Hong Kong) Limited, enabling 1:1 mint and redemption in HKD for eligible institutional and professional-investors.
HKDAP risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
With $2.1M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
HKDAP vs USDT and USDC
HKDAP FAQ
What is HKDAP?
HKD At Par (HKDAP) is a fiat-backed index-linked stablecoin. It has about $2.1M in circulation, ranking #179 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What backs HKDAP?
HKDAP is a fiat-backed stablecoin. Each HKDAP is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Which blockchains is HKDAP on?
HKDAP is live on 1 blockchain. The largest by supply are Ethereum ($16.1M).
How much HKDAP is in circulation?
About $2.1M of HKDAP was in circulation at the last update, +1,499.6% over 30 days. That makes it the #179 stablecoin by supply among those we track.
Is HKDAP safe?
No stablecoin is risk-free. As a fiat-backed design, HKDAP's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. Its supply is small, so liquidity can be thin. It currently shows "no market price" on our peg monitor. This page is information, not investment advice.