Standard Chartered becomes first bank to distribute HKD 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 milestone expands HKDAP's phased rollout into conventional banking nearly two weeks after beta access began through HashKey Group and OSL, with tokenized money market fund settlements planned for the fourth quarter.
On Monday, SCBHK said it is engaging eligible institutional clients and partners on uses including tokenized fund settlements, treasury operations and cross-border payments. CEO Mary Huen cited strong client interest since Anchorpoint received its stablecoin issuer licence, adding that distribution through a regulated banking channel could support payments, settlement and treasury management.
Key Takeaways
- Standard Chartered becomes first bank distributor of HKDAP, Hong Kong's regulated HKD-backed stablecoin.
- The bank plans Q4 2026 tokenized money market fund subscriptions and settlements with international and local asset managers.
- HKDAP distribution expands from crypto-native platforms into conventional banking channels.
- Anchorpoint is a joint venture led by Standard Chartered, HKT and Animoca Brands.
- Hong Kong's HKMA granted Anchorpoint one of the territory's first stablecoin issuer licenses in April 2026.
What is HKDAP and who issues it?
HKDAP is a Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial, a licensed stablecoin issuer and subsidiary of Standard Chartered's Hong Kong arm. Anchorpoint is a joint venture established by SCBHK, telecommunications company HKT and Web3 investment firm Animoca Brands, with Standard Chartered as its largest shareholder.
The partners announced plans for an HKD-backed stablecoin in February 2025 after participating in the Hong Kong Monetary Authority's stablecoin issuer sandbox since July 2024. Hong Kong's Stablecoins Ordinance took effect on Aug. 1, 2025, and the HKMA granted its first issuer licenses to Anchorpoint and HSBC's Hong Kong banking arm on April 10.
Why does Standard Chartered's role matter for Hong Kong?
Standard Chartered's addition marks the first time a conventional bank has been authorized to distribute HKDAP, widening access beyond crypto-native channels. Beta distribution began through HashKey Group and OSL roughly two weeks before SCBHK's announcement, but the bank's entry brings institutional clients a regulated on-ramp tied to familiar banking infrastructure.
The move aligns with Hong Kong's push to position itself as a regulated digital-asset hub. Licensed issuers must meet standards covering reserve backing, redemption, governance and anti-money laundering controls under the new framework. For more on how banks and regulators are testing tokenized finance, see our Fintech & Crypto Alerts coverage.
How will the bank use HKDAP in the near term?
SCBHK expects to introduce new commercial applications over the coming months. In the fourth quarter, it plans HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers. The bank also intends to use the stablecoin in intragroup settlements across its banking network in the near term.
Eligible institutional clients and partners are being engaged during a phased rollout focused on practical treasury and cross-border payment use cases rather than retail distribution.
What comes next in HKDAP's rollout?
Standard Chartered said it will continue expanding HKDAP-based services as client demand grows. Anchorpoint formally established operations in August 2025 and pursued its issuer license under Hong Kong's new stablecoin rules. With distribution now reaching both crypto platforms and a major global bank, HKDAP's next phase will test whether regulated stablecoins can move from sandbox pilots into everyday institutional finance.