Standard Chartered First Bank Approved to Distribute Hong Kong-Regulated HKDAP Stablecoin

Standard Chartered has been approved as the first bank in Hong Kong to distribute the HKDAP stablecoin, a Hong Kong dollar token issued by Anchorpoint Financial. The rollout will initially target eligible institutional clients and partners. Planned use cases include fund subscriptions and settlement, asset manager settlements, internal transfers, and cross-border payments. Standard Chartered said it will work with selected asset managers on tokenized money market fund subscription and settlement services, and will also pilot HKDAP for transfers among group entities while assessing potential applications in treasury management and cross-border payments. Anchorpoint holds one of the first two stablecoin issuer licences granted by the Hong Kong Monetary Authority (HKMA) in April. Standard Chartered is Anchorpoint's majority shareholder and is now its first bank distributor, enabling eligible institutions to access HKDAP through the bank's existing onboarding and compliance channels. Standard Chartered has not disclosed fees, client commitments, or current transaction volumes. HKDAP entered beta distribution on August 12 via HashKey Exchange and OSL Group, covering institutional clients, corporate users, and professional investors. OSL said it will provide distribution and liquidity services, while HashKey will support fiat conversions and commercial integration. Retail availability could follow later in 2026, depending on market conditions. Hong Kong's Stablecoins Ordinance took effect in August 2025, requiring issuers of covered fiat-linked tokens to hold a licence and comply with reserve, redemption, governance, risk management, and disclosure standards. The rules also require valid redemptions at par in the reference currency. The HKMA granted the second issuer licence to HSBC. HSBC has said it plans to launch its Hong Kong dollar stablecoin in the second half of 2026, with proposed distribution channels including PayMe and the HSBC Hong Kong mobile app. Standard Chartered's role combines majority ownership in the issuer with institutional distribution, giving HKDAP direct access to corporate banking relationships. Anchorpoint remains responsible for licensed issuer obligations, including reserves, redemption processes, governance, and disclosures. Disclaimer: This content is for informational purposes only and does not constitute financial advice. Readers should conduct their own research before making financial decisions.