HKDAP heads to Solana, where $11.67 billion in dollar stablecoins sit

What did Anchorpoint and the Solana Foundation announce?

Anchorpoint and the Solana Foundation agreed to a partnership for HKDAP. Anchorpoint announced it on October 30 as its first collaboration with a public blockchain foundation. The memorandum of understanding covers native issuance and redemption of HKDAP, so eligible participants can create and redeem the token through Solana.

The plan targets two uses. Those are retail payments and tokenized asset trading. No launch date has been announced.

The Solana Foundation is also building a local presence. It joins Anchorpoint's Tokenised Money Adoption Programme as a strategic partner alongside PwC, following its OASES induction and a planned Hong Kong presence.

Who is behind HKDAP?

Anchorpoint Financial is a joint venture of Standard Chartered Bank (Hong Kong), HKT and Animoca Brands. It was one of two issuers granted a stablecoin issuer licence by the Hong Kong Monetary Authority on April 10, 2026, under the Stablecoins Ordinance. The other licence went to HSBC's Hong Kong banking arm.

HKDAP has so far been distributed through a short list of partners. They are HashKey, OSL and Standard Chartered Hong Kong. In live testing, Anchorpoint used Standard Chartered's banking infrastructure for the Hong Kong dollar funding and reserve side, and tokens were issued and transferred on Ethereum.

Anchorpoint has said retail use could follow as early as the end of 2026, depending on market conditions. Our earlier piece on Standard Chartered's tokenised deposits in Hong Kong covers the bank's other on-chain product.

How big is Solana in our on-chain counts?

Solana is a mid-sized chain for dollar stablecoins and a larger one for tokenized Treasuries. The table shows where it sits in each of our three counts as of November 2, 2026.

Five of our six dollar stablecoins have balances on Solana. They are USDC at $6.62 billion, USDT at $2.40 billion, USD1 at $1.39 billion, PYUSD at $673.9 million and USDG at $592.4 million. See /assets/usdc/ for the USDC breakdown by chain.

On Treasuries, BUIDL has $812.9 million on Solana. JLTXX has $740.8 million and USDY has $180.2 million. Our fund-by-fund count lists all 17 funds.

Does HKDAP count in The Migration's stablecoin tally?

No. By The Migration by Concrete's count, $260.07 billion in cash-backed dollar stablecoins is on public blockchains as of November 2, 2026. That covers 6 stablecoins from 5 issuers, read directly from 18 blockchains.

HKDAP is a Hong Kong dollar token. Our stablecoin count is limited to cash-backed dollar tokens, so HKDAP sits outside it. We also count only addresses the issuer publishes or confirms in writing. Our dollar stablecoin article explains the scope, and how we count explains the method.

The story still matters to our counts. It shows a bank-backed issuer picking a public chain that already carries large dollar balances. We update our figures every 6 hours.

What to watch

• Whether Anchorpoint publishes a launch date and the contract addresses for HKDAP on Solana.
• Whether retail access arrives by the end of 2026, as Anchorpoint has indicated.
• Whether other Hong Kong-licensed issuers announce deployments on public chains.
• Any change in Solana's share of our dollar stablecoin count, now 4.5% as of November 2, 2026.