Standard Chartered Enters Stablecoin Market as First Bank Distributor

Standard Chartered Bank (Hong Kong) has become the first bank to distribute HKDAP, a Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. The move expands distribution of the stablecoin into conventional banking channels.

In a phased rollout, eligible institutional clients and partners will be engaged on uses including tokenized fund settlements, treasury operations, and cross-border payments. Standard Chartered plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers in the fourth quarter.

The bank also intends to use the stablecoin in intragroup settlements across its banking network in the near term. According to Mary Huen, CEO of SCBHK, 'we have seen strong interest from clients exploring how HKDAP can support their business needs' since Anchorpoint received its stablecoin issuer license.

Anchorpoint is a joint venture between Standard Chartered's Hong Kong arm, HKT, and Animoca Brands. The licensed issuer operates as a subsidiary of the bank and has seen increased interest in using the stablecoin for various purposes.