Standard Chartered First Bank to Distribute Regulated Hong Kong Dollar-Backed 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. In a press release, SCBHK stated that it is beginning discussions with eligible institutional clients and partners on potential use cases for tokenized fund settlements, treasury operations, and cross-border payments.

The launch aligns with Hong Kong's Stablecoins Ordinance, which took effect Aug. 1, 2025, and the HKMA's licensing framework for reserve backing and AML controls. Anchorpoint's HKDAP is already entering the market via beta access through HashKey Group and OSL.

SCBHK plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with asset managers in the fourth quarter, as well as use it for intragroup settlements across its banking network. The move expands HKDAP availability into conventional banking and positions SCBHK as a bridge between institutional demand and tokenized settlement workflows.

According to SCBHK CEO Mary Huen, clients have shown strong interest in how HKDAP could support business needs since Anchorpoint received its stablecoin issuer license. The bank's distribution strategy will target concrete operational needs, including tokenized fund settlements, treasury operations, and cross-border payments.