Anchorpoint Takes Cautious Path on Retail Stablecoin After HSBC Launch

The Standard Chartered-backed stablecoin venture Anchorpoint says it will not rush to launch a retail product, adopting a cautious stance days after rival HSBC debuted its own Hong Kong dollar-pegged stablecoin.

Anchorpoint CEO Dominic Maffei declined to confirm a previous target of launching a retail stablecoin by the end of 2026 during a press conference on Friday. The company released an institutional stablecoin product in August.

“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.” The update follows HSBC’s launch of its Hong Kong dollar-backed RedCoin for users of its PayMe app.

Anchorpoint is a joint venture between Standard Chartered, Animoca Brands, and telecommunications provider HKT, formed after their participation in Hong Kong‘s stablecoin issuer sandbox.