HKDAP Stablecoin Finds First Bank Distributor in Standard Chartered's Hong Kong Branch

Standard Chartered's Hong Kong branch has become the first bank distributor of HKDAP, a Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial.

HKDAP is the first regulated Hong Kong dollar-backed stablecoin and was launched on August 12 by Anchorpoint Financial. The company is a joint venture between Standard Chartered and HKT, along with Animoca Brands.

Standard Chartered has been working to integrate HKDAP into various business activities, including partnering with qualified institutional customers and partners to explore commercial use cases.

The bank plans to introduce multiple commercial use cases within the next few months. Initial use cases include tokenized money market funds, group internal settlement, and cross-border payments.