Standard Chartered-backed stablecoin venture Anchorpoint says it will take a cautious approach to opening its Hong Kong dollar-backed stablecoin to retail users, declining to confirm a launch date after rival HSBC rolled out RedCoin, according to the South China Morning Post.
The venture released its institutional stablecoin product in August and previously indicated a retail offering could arrive as early as the end of 2026.
Anchorpoint CEO Dominic Maffei declined to confirm that timeline at a Friday press conference, saying the company would take a prudent approach.
“We believe its important to build the market out in a long-term, sustainable manner,” Maffei said, adding that rushing a launch “does not make sense.”
The update comes after HSBC launched its Hong Kong dollar-backed RedCoin on Friday for the 3.3 million users of its PayMe app.
Anchorpoint grew out of a partnership between Standard Chartered, Animoca Brands and telecommunications provider HKT, which was announced in February 2025, following their joint participation in Hong Kongs stablecoin issuer sandbox in July 2024.
Animocas role is to bring its blockchain expertise and industry network to the venture and help develop uses for the stablecoin across the Web3 ecosystem.