Standard Chartered Becomes First Bank to Distribute HKD Stablecoin HKDAP

Standard Chartered Bank Hong Kong (SCBHK) announced it is the first licensed bank to distribute HKDAP, a Hong Kong dollar‑backed stablecoin issued by Anchorpoint Financial. The bank will engage eligible institutional clients for tokenized fund settlements, treasury operations and cross‑border payments as part of a phased rollout.

Phased rollout and upcoming applications

SCBHK plans to launch HKDAP‑based subscriptions and settlements for tokenized money‑market funds with both international and local asset managers in the fourth quarter. In the near term, the stablecoin will also be used for intragroup settlements across the bank’s network.

Background on HKDAP and Anchorpoint

Anchorpoint Financial is a joint venture between Standard Chartered’s Hong Kong arm, telecom provider HKT and Web3 investment firm Animoca Brands. The venture received a stablecoin issuer licence from the Hong Kong Monetary Authority (HKMA) in April 2025, following participation in the HKMA’s stablecoin sandbox since July 2024. The HKMA’s Stablecoins Ordinance took effect on 1 August 2025, establishing licensing standards for reserve backing, redemption, governance and AML controls.

Regulatory context

The HKMA granted its first stablecoin issuer licences to Anchorpoint and HSBC’s Hong Kong banking arm in April 2025, making HKDAP one of the few regulated HKD‑stablecoins in the market. The regulator also maintains a public register of licensed issuers and supervisory guidelines for ongoing compliance.

Implications for clients

According to SCBHK’s CEO Mary Huen, the distribution channel provides eligible clients with access to stablecoin‑based payments, settlement and treasury management through a regulated banking interface.