Solana stablecoin push targets Hong Kong banks with HKDAP

Solana stablecoin expansion is moving toward Hong Kong’s banking sector through a reported agreement between the Solana Foundation and Anchorpoint Financial Limited. U.Today reported on October 30, 2026, that the partnership brings the Hong Kong dollar-linked HKDAP token to Solana for retail payments and tokenized assets. Its account leaves the public rollout schedule unspecified.

• According to U.Today, Anchorpoint is a consortium involving Standard Chartered Bank (Hong Kong), HKT and Animoca Brands.
• The outlet reports that Anchorpoint holds the Hong Kong Monetary Authority’s FRS01 license.
• The report describes HKDAP as intended for retail payments and tokenized assets.
• The report cites rwa.xyz data showing $14.13 billion in Solana stablecoins as of October 30, 2026.
• CoinGecko’s October 30 snapshot at 18:13 UTC put SOL at $94.32, down 6.53% over the preceding 24 hours.

Timeline of the Hong Kong agreement

1. August 1, 2025: Hong Kong’s Stablecoins Ordinance took effect, according to U.Today. The outlet says the framework requires fiat-referenced stablecoin issuers to obtain an HKMA license, fully back tokens with high-quality liquid reserves and redeem them at par.
2. October 30, 2026, 17:01 UTC: U.Today published its account of the Solana Foundation and Anchorpoint agreement, describing HKDAP as a payment and tokenization instrument.
3. October 30, 2026, 18:13 UTC: CoinGecko’s market snapshot showed SOL trading lower alongside Bitcoin and Ethereum. That snapshot does not establish a price response to the agreement.

Background to the Solana stablecoin push

The reported agreement connects a public blockchain foundation with a licensed issuer. U.Today reported that the integration supports instant issuance and redemption, creating a banking route for retail payments and real-world asset transactions.

That is the outlet’s description of the integration, not independently demonstrated operating performance. The supplied evidence contains no separate issuer announcement, technical documentation or dated public rollout schedule. It therefore does not establish the scope of live availability.

According to U.Today’s account of rwa.xyz figures for October 30, Solana’s total real-world asset volume stood at $18.89 billion. Stablecoins represented about 75%, with reported monthly transfer volume of $370.94 billion across 13.56 million addresses.

Stablecoins thus make up most of the total reported by the outlet. However, its account does not break down the transfer volume into retail purchases or identify how many individual customers those addresses represent.

U.Today also cites the Hong Kong dollar’s 7.75-7.85 exchange-rate band against the US dollar. It describes HKDAP as Hong Kong dollar-linked, with its indirect US dollar connection coming through that currency peg rather than direct US dollar denomination.

The reported issuance and redemption integration is central to the banking proposal. The available account does not detail how customers would move between bank balances, tokens and redemption, or which customers could use those services.

Reactions and the market backdrop

U.Today presents the deal as a route for institutional capital and Hong Kong dollar liquidity to reach Solana. That is the outlet’s interpretation; its report supplies no direct quotations from Anchorpoint, Standard Chartered, the HKMA or independent analysts.

The report appeared against a weaker market backdrop. According to the supplied CoinGecko snapshot, SOL was down over both daily and weekly measurement periods.

All prices and changes above are from CoinGecko as of October 30, 2026, at 18:13 UTC. SOL’s seven-day decline was 9.81%, but these readings do not establish whether traders welcomed or rejected the partnership.

Outlook for payments and tokenization

U.Today also reports that the foundation is joining Hong Kong’s OASES government program, opening a local office and working with PwC on the TAP tokenization program. The account does not provide separate implementation dates for those initiatives.

For the Solana stablecoin rollout, useful follow-up evidence would include official issuance arrangements, customer eligibility, redemption terms and reserve disclosures. The supplied report does not document observed retail payment use.

Issuer, custody and smart-contract risks remain questions for further reporting, not issues resolved by the supplied account. It also does not establish how operational failures or redemption interruptions would be handled. Legal rules differ by country; the Hong Kong framework described here should not be treated as confirmation of access elsewhere.

FAQ

What is the reported Solana stablecoin agreement?

According to U.Today, Solana Foundation and Anchorpoint agreed to bring HKDAP to Solana for retail payments and tokenized assets. The available report does not specify a public rollout date.

Is HKDAP a US dollar stablecoin?

U.Today describes HKDAP as Hong Kong dollar-linked. Its connection to the US dollar comes through Hong Kong’s currency peg, not direct US dollar denomination.

Did the agreement lift SOL’s price?

The supplied CoinGecko snapshot shows SOL falling over the preceding 24 hours. It does not isolate the agreement’s market effect, so attributing that decline to the news would be unsupported.

Sources

• Solana (SOL) Moves In on Hong Kong Banks to Scale Its $14 Billion Stablecoin Market (U.Today)

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies are highly volatile; always do your own research before investing.