HKDAP Stablecoin Goes Mainstream with Standard Chartered Partnership

Standard Chartered has become the first bank to distribute Hong Kong-regulated stablecoin HKDAP. The bank plans to use the stablecoin in various services, including subscription and settlement for tokenized money market funds (MMFs) in the fourth quarter.

The bank aims to expand the use of HKDAP to intra-group payments, cross-border payments and settlements, and corporate treasury management. This move is significant as it links a regulated stablecoin directly to institutional financial services at a traditional bank.

HKDAP is one of two regulated stablecoins in Hong Kong, issued by Anchorpoint Financial. Standard Chartered has begun offering HKDAP to eligible institutional clients and partner companies.