Standard Chartered Leads Charge on Hong Kong Dollar Stablecoin

Standard Chartered Bank (Hong Kong) has become the first bank authorized to distribute HKDAP, the Hong Kong dollar stablecoin. Anchorpoint Financial issues this token, which redeems one-for-one for Hong Kong dollars.

The bank plans to use HKDAP for settling tokenized money market funds starting in the fourth quarter of 2026, as well as for internal bank transfers and cross-border payments. Mary Huen, CEO for Hong Kong at Standard Chartered, said 'we are pleased to be the first bank distributor to provide eligible clients with secure access' to the stablecoin.

HKDAP aims to speed up big business transactions by allowing digital cash to move as quickly as blockchain settlements. The token runs on the Ethereum mainnet and is currently limited to selected institutional and corporate users, but Anchorpoint has said it could allow retail access as early as the end of 2026.

Anchorpoint is a joint venture between Standard Chartered Bank (Hong Kong), HKT, and Animoca Brands, with Standard Chartered being the biggest shareholder. The bank's trustee holds the reserve assets that back the token.