Standard Chartered Makes History as First Bank Distributor of HKDAP

Standard Chartered Bank (Hong Kong) has become the first bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. The bank plans to use the stablecoin in intragroup settlements across its banking network and introduce new commercial applications over the coming months.

SCBHK's addition expands HKDAP distribution into conventional banking nearly two weeks after Anchorpoint began beta access through HashKey Group and OSL. The bank expects to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers in the fourth quarter.

Anchorpoint is a joint venture established by Standard Chartered's Hong Kong arm, telecommunications company HKT and Web3 investment company Animoca Brands. Anchorpoint received its stablecoin issuer license ahead of the implementation of Hong Kong's Stablecoins Ordinance on Aug. 1, 2025.