Standard Chartered Distributions Hong Kong's First Regulated Stablecoin

Standard Chartered has become the first bank to distribute Hong Kong's regulated stablecoin, HKDAP. The bank is also the largest shareholder of Anchorpoint Financial, a joint venture with HKT and Animoca Brands that issues the stablecoin.

HKDAP is designed as a Hong Kong dollar-backed digital asset that can function as a programmable, interoperable settlement instrument.

The move marks a significant step in the integration of blockchain-based money with traditional banking infrastructure. Standard Chartered said it is engaging eligible institutional clients and partners to explore applications involving fund settlement, treasury management, and cross-border payments.