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Hong Kong dollar stablecoin HKDAP completes Ethereum mainnet transfer test, phased issuance as early as this year
Techub News reports, according to Hong Kong Economic Daily, that Dingdian Finance (a joint venture between Standard Chartered Hong Kong, Hong Kong Telecom, and Animoca Brands) announced that it has partnered with OSL Group (00863) and Futu’s licensed platform “Cheetah Trading” to complete a test transfer of the Hong Kong dollar stablecoin HKDAP (HKD At Par) on the Ethereum mainnet.
The test covered fiat Hong Kong dollar conversion to reserve assets, stablecoin minting, and transfer processes, with all HKDAP fully backed by reserves and redemption completed.
All parties stated that HKDAP plans to be issued in phases starting from the end of Q2 2026.
OSL will provide liquidity and payment infrastructure support, while Cheetah Trading relies on its institutional trading capabilities to jointly promote the development of compliant Hong Kong dollar stablecoins and digital asset ecosystems.
The project aims to improve cross-border payment efficiency, expand fiat-to-digital asset exchange channels, and facilitate the implementation of tokenized financial applications.