Standard Chartered Becomes First Bank to Distribute HKDAP Stablecoin

Standard Chartered Bank Hong Kong announced on August 24 that it is the first conventional bank to distribute HKDAP, Hong Kong’s first live regulated local‑currency stablecoin.

HKDAP Distribution Network Expands

HKDAP, short for “HKD At Par,” is issued by Anchorpoint Financial under licence FRS01 from the Hong Kong Monetary Authority (HKMA). Anchorpoint holds one of two stablecoin‑issuer licences granted by the regulator in April, the other being to HSBC. The bank joins HashKey Exchange and OSL as an authorized distributor, giving eligible institutional clients, corporate customers and professional investors access to convert Hong Kong dollars into HKDAP and redeem the tokens for fiat.

Beta Rollout and Circulation

During the controlled beta phase, HKDAP is minted on Ethereum and is intended to maintain a value of HK$1 per token. Anchorpoint reported 522,000 HKDAP in circulation as of August 19, reflecting the limited supply of the beta rollout.

Planned Tokenized Fund Services

Standard Chartered plans to launch tokenized money‑market‑fund subscription and settlement services using HKDAP in the fourth quarter of 2026. The bank will work with international and Hong Kong asset managers, aiming to speed settlement by using the stablecoin as the cash leg on the same blockchain that records fund units.

Regulatory Context

The HKMA’s Stablecoins Ordinance requires licensed issuers to keep adequate reserves, segregate assets and redeem tokens at par. The regulator has cautioned investors about unrelated tokens using the HKDAP name and advises verification of contract addresses through authorized channels.

Security Review

Security researcher Yajin Zhou released an independent review of HKDAP’s Ethereum contract, raising questions about certain approval and upgrade mechanisms. No theft or loss was identified, and the HKMA has not issued an enforcement determination.