Standard Chartered Bank Authorized to Distribute HKDAP Stablecoin

Standard Chartered Bank (Hong Kong) has become the first bank authorized to distribute HKDAP, the first regulated Hong Kong dollar stablecoin, expanding access for eligible clients beyond cryptocurrency exchanges. HKDAP is issued by Anchorpoint Financial and can be redeemed for Hong Kong dollars at a 1:1 ratio. Anchorpoint was established in February 2025, with shareholders including Standard Chartered Bank (Hong Kong), HKT, and Animoca Brands. Standard Chartered is the largest shareholder of Anchorpoint, and the project structure includes reserve assets for the tokens supported by the bank's trustee. Previously, HKDAP was only available on exchanges such as HashKey and OSL. Standard Chartered plans to use HKDAP for the settlement of tokenized money market funds starting in the fourth quarter of 2026, covering internal bank transfers and cross-border payments. The stablecoin proposal combines blockchain asset transfers with digital cash payments to accelerate large enterprise transactions. Testing has shown that funds circulate across different parts of the bank's global network, including outside of banking hours. HKDAP operates on the Ethereum mainnet and is currently limited to selected institutional and corporate users. According to Anchorpoint's transparency data from August 19, 522,000 tokens were in circulation during the Beta Access period, with a trading volume of 658,160.

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