Key facts
- Standard Chartered Bank (Hong Kong) is the first bank authorized to distribute the HKDAP stablecoin.
- HKDAP is issued by Anchorpoint Financial, a joint venture including Standard Chartered.
Standard Chartered Bank (Hong Kong) is the first bank authorized to distribute HKDAP, a Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. The bank plans to use the stablecoin for tokenized fund settlements, treasury operations, and cross-border payments.
Standard Chartered's role as the first bank distributor of a regulated HKD stablecoin signifies a significant step in integrating digital assets into traditional banking infrastructure, potentially paving the way for broader institutional adoption and new financial products.
Standard Chartered Bank (Hong Kong) (SCBHK) has become the first bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. The bank announced it is engaging eligible institutional clients and partners for uses including tokenized fund settlements, treasury operations, and cross-border payments as part of a phased rollout.
SCBHK's involvement expands HKDAP distribution into conventional banking, following Anchorpoint's beta access through HashKey Group and OSL. The bank anticipates introducing new commercial applications in the coming months. Specifically, Standard Chartered plans to implement HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers in the fourth quarter. The stablecoin will also be utilized for intragroup settlements across its banking network.
Mary Huen, CEO of SCBHK, stated that clients have shown strong interest in HKDAP's potential to support their business needs, enabling payments, settlement, and treasury management through a regulated banking channel. Anchorpoint Financial is a joint venture established by Standard Chartered's Hong Kong arm, telecommunications company HKT, and Web3 investment company Animoca Brands, with Standard Chartered as its largest shareholder.
The partners had announced plans for an HKD-backed stablecoin in February 2025 after participating in the HKMA's stablecoin issuer sandbox. Anchorpoint Financial was formally established in August 2025, and it secured its issuer license. Hong Kong's Stablecoins Ordinance took effect on August 1, 2025, with the HKMA issuing supervisory guidelines and a public register of licensed issuers. On April 10, the HKMA granted its first stablecoin issuer licenses to Anchorpoint and HSBC's Hong Kong banking arm, requiring adherence to standards for reserve backing, redemption, governance, and AML controls.