Anchorpoint keeps its HKD stablecoin on a leash as HSBC’s RedCoin cuts loose 🐎

Standard Chartered-backed stablecoin venture Anchorpoint has declined to confirm a retail launch date for its Hong Kong dollar-backed stablecoin, saying it will take a cautious approach following HSBC’s rollout of RedCoin.

Anchorpoint released its institutional stablecoin product in August and previously indicated that a retail version could arrive as early as the end of 2026. At a Friday press conference, Anchorpoint CEO Dominic Maffei declined to confirm that timeline, saying the company needed to build the market in a sustainable manner. “We believe it’s important to build the market out in a long-term, sustainable manner,” Maffei said, adding that rushing a launch “does not make sense.”

HSBC launched its Hong Kong dollar-backed RedCoin on Friday for the 3.3 million users of its PayMe app. The move puts RedCoin in competition with Anchorpoint’s planned retail offering, for which no date has been confirmed.

Anchorpoint grew out of a partnership between Standard Chartered, Animoca Brands and telecommunications provider HKT, announced in February 2025 after their joint participation in Hong Kong’s stablecoin issuer sandbox in July 2024. Animoca is responsible for bringing its blockchain expertise and industry network to the venture and helping develop uses for the stablecoin across the Web3 ecosystem.