Standard Chartered Becomes First Bank to Distribute Hong Kong Dollar Stablecoin
Standard Chartered Bank (Hong Kong) has become the first traditional bank authorized to distribute HKDAP, a regulated stablecoin, signaling accelerating institutional adoption of blockchain-based settlement infrastructure.
Major Step in Institutional Stablecoin Adoption
Standard Chartered Bank (Hong Kong) has achieved a significant milestone by becoming the first conventional bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin created by Anchorpoint Financial. This development marks a watershed moment where legacy banking infrastructure explicitly integrates with blockchain-based financial systems. The bank is now engaging institutional clients and partners to explore multiple use cases including tokenized fund settlements, treasury operations, and cross-border payment capabilities during a controlled phased rollout.
Commercial Applications Drive Market Expansion
Standard Chartered’s entry into HKDAP distribution comes approximately two weeks after Anchorpoint initiated beta access through crypto-focused distribution partners HashKey Group and OSL, demonstrating a deliberate expansion strategy from digital finance platforms into traditional banking infrastructure. The strategic phasing represents a measured approach to introducing blockchain-based settlement mechanisms to institutional markets. The bank plans to introduce new commercial applications in coming months, with Q4 initiatives centered on HKDAP-based subscription and settlement mechanisms for tokenized money market funds in partnership with international and local asset managers. Additionally, Standard Chartered intends to leverage the stablecoin for intragroup settlements across its banking network in the near term. CEO Mary Huen highlighted that the bank’s distribution channel provides eligible institutional clients access to HKDAP through a regulated banking pathway while supporting payments, settlement, and treasury management operations, underscoring growing client interest in exploring how regulated stablecoins can support institutional business needs.
Regulatory Framework Establishes Hong Kong Leadership
Anchorpoint Financial operates as a joint venture established by Standard Chartered’s Hong Kong subsidiary, telecommunications firm HKT, and Web3 investment company Animoca Brands, with Standard Chartered maintaining the largest ownership stake. The partnership traces back to February 2025, when founding partners announced plans for an HKD-backed stablecoin following their participation in the Hong Kong Monetary Authority’s stablecoin issuer sandbox since July 2024. In August 2025, the partners formally established Anchorpoint Financial and began pursuing regulatory licensure. The stablecoin issuer received its license following implementation of Hong Kong’s Stablecoins Ordinance on August 1, 2025. The regulatory framework requires licensed issuers to maintain reserve backing, enable redemption, maintain sound governance structures, and implement anti-money laundering controls. Anchorpoint and HSBC’s Hong Kong banking arm became the first two entities to receive stablecoin issuer licenses in April 2026, establishing Hong Kong as a regulated hub for digital payment infrastructure and blockchain-based settlement systems.
Source: Standard Chartered, via Cointelegraph. Not financial advice.
This development underscores growing institutional adoption of regulated stablecoins, a trend that benefits the broader digital asset ecosystem.