HKDAP Stablecoin Launch Gets Boost from Standard Chartered Banking Partnership
Standard Chartered Bank Hong Kong has become the first bank to distribute HKDAP, a regulated local-currency stablecoin issued by Anchorpoint Financial. The move marks a significant breakthrough in banking in Hong Kong, as it allows eligible institutional clients to access and trade the token.
HKDAP is designed to hold a value of HK$1 per token, in line with requirements under Hong Kong's Stablecoins Ordinance. It operates on Ethereum and has a circulating supply of 522,000 tokens as of August 19, 2026. Anchorpoint Financial issues the token under license FRS01, which was granted by the Hong Kong Monetary Authority (HKMA) in April 2026.
Standard Chartered's entry into the distribution network gives HKDAP its first mainstream banking channel, separating it from earlier crypto-exchange-only rollouts. The bank plans to launch tokenized money market fund subscription and settlement services in Q4 2026, working with both international and Hong Kong-based asset managers.
The project aims to support faster settlement by supplying the cash leg of a tokenized fund transaction on the same blockchain that records the fund units. Standard Chartered is also testing HKDAP for transfers between companies within its own group, as well as cross-border payments, treasury management, and after-hours transfers.