Standard Chartered Distributes Regulated Stablecoin HKDAP to Institutional Clients

Standard Chartered Bank in Hong Kong has become the first authorized bank to distribute HKDAP, a regulated stablecoin backed by the Hong Kong dollar. The bank said it is now working with eligible institutional clients and partners as part of a phased rollout, focusing on tokenized fund settlements, treasury operations, and cross-border payments.

The expansion into traditional banking distribution channels marks a significant step for firms looking to use stablecoins within regulated financial workflows rather than solely through crypto-native venues. Anchorpoint Financial, the issuer of HKDAP, has secured licenses under Hong Kong's Stablecoins Ordinance, meeting requirements for reserve backing, redemption, governance, and Anti-Money Laundering (AML) controls.

Standard Chartered plans to offer HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers in the fourth quarter. The bank will also use the stablecoin for intragroup settlements across its banking network, aiming to reduce friction in value transfer and settlement timing.