Standard Chartered becomes first bank to distribute HKDAP stablecoin

Standard Chartered Bank Hong Kong has become the first traditional bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin. Issued by Anchorpoint Financial—a joint venture between Standard Chartered, HKT, and Animoca Brands—the stablecoin is designed to facilitate efficient commercial transactions on the Ethereum blockchain.

The bank is targeting institutional clients for several key use cases. In the fourth quarter of 2026, Standard Chartered plans to launch services for the subscription and settlement of tokenized money market funds. Other planned applications include intragroup settlements within the bank’s global network and cross-border payments, aiming to reduce settlement friction and bypass traditional banking delays.

HKDAP holds one of the first stablecoin issuer licenses granted by the Hong Kong Monetary Authority. While distribution was previously limited to crypto-native platforms like HashKey Exchange and OSL, Standard Chartered’s entry provides a regulated banking channel for corporate treasurers and asset managers to integrate tokenized currency into existing financial workflows.