Standard Chartered First Bank Distributor of Regulated Hong Kong Dollar Stablecoin

Standard Chartered has become the first bank distributor of HKDAP, a Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. According to an August 24 press release, the bank is preparing to use this regulated stablecoin in actual financing activities.

The move marks Standard Chartered's foray into the crypto world, with tokenized money market funds being one of the first applications. This will allow investors to subscribe and settle fund units on-chain using digital Hong Kong dollars.

HKDAP can also be used for intragroup settlement, enabling multinational companies to transfer tokenized Hong Kong dollar value between subsidiaries 24/7, reducing reliance on bank cut-off times, intermediaries, and lengthy reconciliation.