Standard Chartered Bank becomes first bank to distribute Hong Kong dollar stablecoin

Standard Chartered Bank to distribute regulated Hong Kong dollar stablecoin

Standard Chartered Bank’s Hong Kong branch (SCBHK) has become the first bank authorized to distribute HKDAP, a stablecoin backed by the Hong Kong dollar. A stablecoin is a type of digital currency designed to keep a steady value by being tied to a traditional currency, like the Hong Kong dollar.

The bank announced it will work with eligible institutional clients and partners to use HKDAP for tokenized fund settlements, treasury operations, and cross-border payments. This move follows a phased rollout that began with beta access through HashKey Group and OSL earlier this month.

Key details of the distribution

• SCBHK is the first bank to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin.
• The stablecoin will be used for tokenized fund settlements, treasury operations, and cross-border payments.
• Anchorpoint Financial, the issuer of HKDAP, is a joint venture involving Standard Chartered’s Hong Kong arm, HKT, and Animoca Brands.
• Standard Chartered plans to introduce HKDAP-based settlements for tokenized money market funds in the fourth quarter of 2026.
• Hong Kong’s Stablecoins Ordinance, which took effect on August 1, 2025, regulates stablecoin issuers with requirements for reserve backing, redemption, and anti-money laundering controls.

What the bank’s announcement says

In its official statement, SCBHK said it expects to introduce new commercial applications for HKDAP over the coming months. The bank plans to use the stablecoin for subscriptions and settlements of tokenized money market funds with international and local asset managers starting in the fourth quarter of 2026. It also intends to use HKDAP for intragroup settlements across its banking network soon.

Mary Huen, CEO of SCBHK, stated, “Since Anchorpoint received its stablecoin issuer licence, we have seen strong interest from clients exploring how HKDAP can support their business needs.” She added that the bank’s distribution could help with payments, settlement, and treasury management while providing eligible clients access through a regulated banking channel.

How HKDAP became regulated

Anchorpoint Financial, the issuer of HKDAP, was established as a joint venture by Standard Chartered’s Hong Kong arm, telecommunications company HKT, and Web3 investment company Animoca Brands. Standard Chartered is the largest shareholder in Anchorpoint.

The company participated in the Hong Kong Monetary Authority’s (HKMA) stablecoin issuer sandbox starting in July 2024. In February 2025, the partners announced plans for an HKD-backed stablecoin, and in August 2025, they formally established Anchorpoint Financial and began pursuing an issuer license.

On April 10, 2026, the HKMA granted its first stablecoin issuer licenses to Anchorpoint and HSBC’s Hong Kong banking arm. The licenses require issuers to meet standards for reserve backing, redemption, governance, and anti-money laundering controls.

What is confirmed

• Standard Chartered Bank (Hong Kong) is the first bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin.
• HKDAP is issued by Anchorpoint Financial, a licensed issuer under Hong Kong’s Stablecoins Ordinance.
• The stablecoin will be used for tokenized fund settlements, treasury operations, and cross-border payments.
• Standard Chartered plans to introduce HKDAP-based settlements for tokenized money market funds in the fourth quarter of 2026.
• Anchorpoint Financial is a joint venture involving Standard Chartered, HKT, and Animoca Brands.

Why this matters for stablecoin adoption

The involvement of a major bank like Standard Chartered in distributing a regulated stablecoin could encourage more traditional financial institutions to explore digital currencies. By providing a regulated banking channel for HKDAP, the bank may help bridge the gap between conventional finance and blockchain-based payments.

The phased rollout and planned use in tokenized fund settlements suggest that stablecoins like HKDAP could play a growing role in institutional financial operations, particularly in cross-border transactions and treasury management.

Sources

• Cointelegraph
• Standard Chartered Bank (Hong Kong) Press Release