HKDAP stablecoin launch adds Standard Chartered as first bank distributor
Hong Kong’s push to build a homegrown, regulated alternative to dollar-pegged tokens just picked up its first bank on board. Standard Chartered Bank Hong Kong became the first bank to distribute HKDAP on August 24, 2026, opening the door for eligible institutional clients to tap into what marks the territory’s first live regulated local-currency stablecoin. The move turns the HKDAP stablecoin launch from a niche experiment run by crypto exchanges into something with a conventional banking address attached to it — a signal that matters far beyond Hong Kong’s borders.
Key takeaways
- Standard Chartered Bank Hong Kong became HKDAP’s first bank distributor on August 24, 2026, extending access to eligible institutional clients.
- Anchorpoint Financial issues HKDAP under one of only two stablecoin issuer licenses granted by the Hong Kong Monetary Authority in April 2026, the other going to HSBC.
- HKDAP runs on Ethereum in a controlled beta limited to institutions and professional investors, with 522,000 HKDAP tokens in circulation as of August 19.
- Standard Chartered plans to launch tokenized money market fund subscription and settlement services in Q4 2026.
- A security researcher flagged questions about HKDAP’s smart contract compliance controls, though no exploit or theft has been confirmed.
Standard Chartered leads HKDAP stablecoin distribution in Hong Kong
Standard Chartered’s entry gives HKDAP its first mainstream banking channel, a step that separates this HKDAP stablecoin launch from earlier crypto-exchange-only rollouts. Until now, access ran through HashKey Exchange and OSL, which began offering beta access earlier in August. Standard Chartered’s move marks the first time a conventional bank has joined the distribution network for the token, short for “HKD At Par.”
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