Solana (SOL) Moves In on Hong Kong Banks to Scale Its $14 Billion Stablecoin Market

Anchorpoint Financial Limited, a consortium of Standard Chartered Bank, telecom operator HKT, and Animoca Brands, has signed a memorandum of understanding (MOU) with the Solana Foundation to introduce the HKDAP stablecoin.

The issuer, which holds an FRS01 license from the Hong Kong Monetary Authority (HKMA), will use Solana's infrastructure for the instant issuance and redemption of the token.

This partnership creates a legal banking gateway for retail payments and the trading of real-world assets (RWA) on the Solana blockchain.

Regulatory Framework

The deal is built upon Hong Kong's Stablecoins Ordinance, which took effect on August 1, 2025. The law requires any issuer of a fiat-referenced stablecoin to hold an HKMA license, fully back the token with high-quality liquid reserves, and redeem it at par.

Since the Hong Kong dollar is pegged to the US dollar within a 7.75–7.85 band, HKDAP effectively becomes another dollar-linked instrument, but one issued in a separate jurisdiction outside direct US regulation.

This framework provides a clear set of rules for private business, in contrast to mainland China's strict ban on cryptocurrency transactions.

Market Impact

Solana's infrastructure is already positioned for this expansion, with rwa.xyz data showing a total RWA volume of $18.89 billion as of October 30, 2026.

Approximately $14.13 billion of this volume, or around 75%, is composed of stablecoins, with a monthly transfer volume of $370.94 billion across 13.56 million addresses.

The Solana Foundation is further consolidating its position by joining Hong Kong's OASES government program and rolling out the TAP tokenization program with PwC.

This infrastructure creates a legal track for large capital, allowing Standard Chartered and its partners to offer a fully legitimate settlement instrument while providing the international market with direct access to Hong Kong dollar liquidity via the Solana blockchain.