Standard Chartered becomes first bank distributor of HKD stablecoin
Standard Chartered Bank (Hong Kong) became the first bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. It is initially engaging institutional clients and partners for tokenized fund settlements, treasury operations, and cross-border payments in a phased rollout. Planned uses include subscriptions and settlements for tokenized money market funds in the fourth quarter and intragroup settlements across its banking network in the near term. HKDAP’s distribution is expanding from beta access via HashKey Group and OSL into conventional banking. Anchorpoint is a joint venture involving Standard Chartered’s Hong Kong arm, HKT, and Animoca Brands, and received one of Hong Kong’s first stablecoin issuer licenses under the new Stablecoins Ordinance. The licensing framework requires reserve backing, redemption, governance, and AML controls.
