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Standard Chartered's Anchorpoint and HSBC RedCoin Stablecoins
Standard Chartered-led joint venture Anchorpoint announced plans for a retail stablecoin on a public blockchain shortly after HSBC launched its own RedCoin stablecoin, marking a new phase of bank-led stablecoin competition in Hong Kong.
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Major Hong Kong-linked banks are moving into retail stablecoins. HSBC launched its RedCoin stablecoin on Friday, October 23, 2026 (SCMP, October 25). In response, Anchorpoint — a stablecoin-issuing joint venture led by Standard Chartered — said it plans to launch a retail product on a public blockchain, while taking a "prudent approach," according to Anchorpoint CEO Dominic Maffei (SCMP, October 25). Maffei said the company's "next major milestone is to [help] bring regulated digital money into everyday payments and commercial applications, while connecting traditional payment infrastructure with this emerging digital finance" (SCMP, October 25).
The moves mark a significant step in mainstream bank adoption of blockchain-based payment instruments and signal competitive positioning among major international banks in Hong Kong's digital asset regulatory environment.