Standard Chartered Becomes First Bank to Distribute Regulated Hong Kong Stablecoin

Standard Chartered Bank (Hong Kong) has become the first bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial.

The bank will engage eligible institutional clients and partners on uses including tokenized fund settlements, treasury operations, and cross-border payments during a phased rollout.

Standard Chartered’s addition expands HKDAP distribution into conventional banking nearly two weeks after Anchorpoint began beta access through HashKey Group and OSL.

The bank plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers in the fourth quarter, as well as use the stablecoin in intragroup settlements across its banking network in the near term.