Standard Chartered becomes first bank distributor of HKD stablecoin
Standard Chartered Bank (Hong Kong), or SCBHK, has become the first bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. On Monday, the bank said it is engaging eligible institutional clients and partners on uses including tokenized fund settlements, treasury operations and cross-border payments during a phased rollout.
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Key Facts
- Fact 1: Related: Hong Kong warns of fake stablecoins impersonating HSBC and Anchorpoint HKDAP expands distribution Anchorpoint is a joint venture established by Standard Chartered’s Hong Kong arm, telecommunications company HKT and Web3 investment company Animoca Brands.
- Fact 2: In February 2025, the partners announced plans for an HKD-backed stablecoin, after participating in the Hong Kong Monetary Authority’s (HKMA) stablecoin issuer sandbox since July 2024.
- Fact 3: In August 2025, they formally established Anchorpoint Financial and began pursuing an issuer license.
- Fact 4: 1, 2025.
Standard Chartered Bank (Hong Kong), or SCBHK, has become the first bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. On Monday, the bank said it is engaging eligible institutional clients and partners on uses including tokenized fund settlements, treasury operations and cross-border payments during a phased rollout.
Standard Chartered’s addition expands HKDAP distribution into conventional banking nearly two weeks after Anchorpoint began beta access through HashKey Group and OSL. SCBHK said it expects to introduce new commercial applications over the coming months. The bank plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers in the fourth quarter.
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Original source: Cointelegraph