Standard Chartered becomes first bank to distribute Hong Kong's HKDAP stablecoin

Standard Chartered Bank (Hong Kong) said on Monday that it has become the first bank authorized to distribute HKDAP, the city’s first regulated Hong Kong dollar stablecoin. 

Asset managers and multinational companies that want blockchain settlement can now explore that option without leaving the banks they already use. 

What banks can issue HKDAP? 

HKDAP, short for “HKD At Par,” is issued by Anchorpoint Financial and redeems one-for-one for Hong Kong dollars. 

Anchorpoint is a joint venture by Standard Chartered Bank (Hong Kong) (LSE: STAN), HKT, and Animoca Brands that was set up in February 2025. Standard Chartered is the biggest shareholder. The bank’s trustee also holds the reserve assets that back the token, making its role very central to the whole project. 

HKDAP was previously only available through crypto exchanges like HashKey and OSL, but now Standard Chartered Bank (Hong Kong) has announced that it will be the first bank to distribute HKDAP. 

The bank plans to use HKDAP for settling tokenized money market funds starting in the fourth quarter of 2026, as well as for internal bank transfers and cross-border payments. 

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