Hong Kong's First Bank Stablecoin Goes Live with Standard Chartered Distribution

Standard Chartered became the first bank to distribute Hong Kong's first live regulated local-currency stablecoin, HKDAP (HKD At Par), on August 24. The move gives eligible institutional clients and partners access to the stablecoin through controlled beta access on Ethereum.

The news comes after Anchorpoint Financial issued HKDAP under licence FRS01 from the Hong Kong Monetary Authority, with Standard Chartered holding one of its largest shareholder stakes. Anchorpoint launched HKDAP through a phased institutional rollout, with 522,000 tokens in circulation as of August 19.

HKDAP operates on Ethereum and is intended to maintain a value of HK$1 per token. The stablecoin will target tokenized fund settlement, with Standard Chartered planning to introduce subscription and settlement services for tokenized money market funds during the fourth quarter of 2026.