Anchorpoint plans public blockchain stablecoin for retail customers

Anchorpoint, a stablecoin joint venture led by Standard Chartered, plans to introduce a retail stablecoin on a public blockchain while proceeding cautiously. Anchorpoint did not confirm a launch date at Friday's press conference. Anchorpoint previously said the retail product could arrive as early as the end of 2026. Anchorpoint released an institutional product in August.

CEO Dominic Maffei said Anchorpoint's next major milestone would help bring regulated digital money into everyday payments and commercial uses. Maffei said Anchorpoint also aims to link traditional payment infrastructure with emerging digital finance. Maffei said retail use of a public blockchain stablecoin requires consideration of many factors. Maffei said the market should develop sustainably over the long term rather than through rushed or poorly executed products.

Maffei said Anchorpoint's business-to-business-to-consumer model would provide an open, inclusive ecosystem where partners throughout the value chain could collaborate. Maffei emphasized the importance of market education. Maffei said Anchorpoint introduced the Tokenised Money Adoption Programme last month to promote education, research and discussion about tokenised money.

Maffei said stablecoins offer continuous availability, instantaneous transfers, lower costs, programmability, interoperability and scalability. Maffei identified cross-border payments as a major stablecoin application within the payments ecosystem. Maffei said the aim is to connect Hong Kong with other payment corridors. Maffei said Anchorpoint had already worked in the United Arab Emirates. Maffei said Anchorpoint would provide updates as additional corridors become operational.

HSBC launched the Hong Kong dollar-backed HSBC RedCoin on Friday for the 3.3 million users of HSBC's PayMe app. Stablecoins are blockchain-issued digital tokens that parties can transfer within seconds without traditional clearing procedures. Stablecoins differ from cryptocurrencies such as bitcoin because stablecoins are pegged to conventional currencies, including the Hong Kong dollar and US dollar.

Tokenised financial products, including stablecoins, are expected to feature prominently at next month's FinTech Week x StartmeupHK. Multiple Hong Kong government authorities are jointly hosting the event.