Digital Finance & Tokenization▲
Standard Chartered Hong Kong becomes first bank to be an authorised distributor of Hong Kong dollar stablecoin HKDAP
Standard Chartered Bank Hong Kong announced on 24 August that it has become an authorised distributor of the Hong Kong dollar-backed stablecoin HKDAP. This marks the first time a bank has participated as an initial distributor, and the bank will proceed to offer it to eligible institutional clients and partners. HKDAP is the first regulated Hong Kong dollar-backed stablecoin in Hong Kong, issued by Anchorpoint Financial, and can be used for 24/7 transfers and settlements, with transaction processing that can be programmed. Initial use cases include subscription and settlement for tokenised money market funds, intercompany fund transfers within a group, and cross-border payments. The bank plans to begin tokenised money market fund subscription and settlement with major asset managers overseas and in Hong Kong in the fourth quarter of 2026. Anchorpoint Financial is a joint venture established in February 2025 by Standard Chartered Bank Hong Kong, HKT, and Animoca Brands, with Standard Chartered Bank Hong Kong as the lead shareholder. The Hong Kong Monetary Authority granted the company a stablecoin issuer licence, FRS01, in April 2026.