Standard Chartered HK becomes first bank to distribute HKDAP stablecoin

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 announcement, made on Monday, marks a significant expansion of HKDAP's distribution into conventional banking, nearly two weeks after Anchorpoint began beta access through crypto firms HashKey Group and OSL.

According to the bank, SCBHK is engaging eligible institutional clients and partners on use cases including tokenized fund settlements, treasury operations, and cross-border payments during a phased rollout. The bank said it plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers in the fourth quarter of 2026, and intends to use the stablecoin for intragroup settlements across its banking network in the near term.

"Since Anchorpoint received its stablecoin issuer licence, we have seen strong interest from clients exploring how HKDAP can support their business needs," SCBHK CEO Mary Huen said. She added that the bank's distribution channel could support payments, settlement, and treasury management while giving eligible clients access through a regulated banking framework.

Anchorpoint is a joint venture established by Standard Chartered's Hong Kong arm, telecom company HKT, and Web3 investment firm Animoca Brands, with Standard Chartered as its largest shareholder. The stablecoin was developed after the partners joined the Hong Kong Monetary Authority's stablecoin issuer sandbox in July 2024. Anchorpoint formally launched in August 2025 and received its issuer license on April 10, alongside HSBC's Hong Kong unit, under Hong Kong's Stablecoins Ordinance, which took effect on August 1, 2025.