Standard Chartered Becomes First Bank Distributor of Hong Kong’s HKDAP Stablecoin

Standard Chartered Bank (Hong Kong) has become the first bank authorised to distribute HKDAP, the regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial, marking another step in Hong Kong’s push to bring tokenised money into mainstream financial infrastructure.

The bank announced the move on August 24, saying it is already engaging with eligible institutional clients and partners that want to integrate HKDAP into payments, settlement and treasury operations.

Rather than positioning the stablecoin primarily as a retail crypto product, Standard Chartered is focusing on commercial applications where an on-chain Hong Kong dollar could reduce settlement friction and allow transactions to operate outside traditional banking hours.

Standard Chartered Moves From Stablecoin Backer to Distributor

HKDAP, short for HKD At Par, is issued by Anchorpoint Financial, a joint venture established by Standard Chartered Bank (Hong Kong), HKT and Animoca Brands.

Standard Chartered is Anchorpoint’s largest shareholder, but the distinction between issuer and distributor is important.

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