Standard Chartered Becomes First Bank to Distribute Regulated Hong Kong Stablecoin

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

The bank is initially working with eligible institutional clients on use cases including tokenised fund settlement, treasury management, and cross-border payments.

Standard Chartered plans to introduce HKDAP-based subscriptions and settlements for tokenised money-market funds with local and international asset managers in the fourth quarter, while also exploring intragroup settlements across its banking network.