Standard Chartered Brings Banking Channel to HKDAP Stablecoin

Standard Chartered has become the first bank to distribute HKDAP, Hong Kong's regulated stablecoin, in an effort to target institutional settlement and liquidity.

The token is pegged to the Hong Kong dollar and was issued by Anchorpoint, which secured a license from the Hong Kong Monetary Authority in April.

Standard Chartered will provide a banking channel for institutional clients to use HKDAP for fund settlement, corporate liquidity management, and cross-border payments.

The bank plans to test tokenized money market funds in Q4, with subscriptions and settlements expected to begin with leading international and local asset management firms.

Standard Chartered's involvement is significant because the bank holds a stake in Anchorpoint Financial, making it a key player in HKDAP's development.