Standard Chartered First Bank to Distribute Regulated Hong Kong Dollar Stablecoin

Standard Chartered Bank (Hong Kong) has become the first authorized bank to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. According to SCBHK, it is starting discussions with eligible institutional clients and partners on potential use cases for HKDAP, which include tokenized fund settlements, treasury operations, and cross-border payments.

The distribution of HKDAP follows the bank's announcement that it has begun intragroup settlements across its banking network using the stablecoin. SCBHK also plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with asset managers in the fourth quarter, starting with both international and local firms.

Anchorpoint Financial is a joint venture between Standard Chartered's Hong Kong arm, telecommunications company HKT, and Web3 investment company Animoca Brands. The licensed issuer operates as a subsidiary of SCBHK and has already begun beta access for HKDAP via HashKey Group and OSL. Anchorpoint received its stablecoin issuer license in April 2025, following the implementation of Hong Kong's Stablecoins Ordinance on August 1, 2025.