Standard Chartered becomes first bank distributor of HKD stablecoin
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Standard Chartered Bank (Hong Kong) has become the first bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. The bank is engaging institutional clients and partners for use cases including tokenized fund settlements, treasury operations, and cross-border payments during a phased rollout. Anchorpoint Financial is a joint venture majority-owned by Standard Chartered, established with partners HKT and Animoca Brands.
Why it matters
The distribution of HKDAP through a regulated bank marks a significant expansion of the stablecoin's availability beyond private groups to conventional banking clients. Standard Chartered aims to use the stablecoin for enhanced payment, settlement, and treasury management services, potentially streamlining cross-border transactions and tokenized asset operations within a regulated framework.
Key context
Anchorpoint Financial obtained one of the first stablecoin issuer licenses from the Hong Kong Monetary Authority (HKMA) in April 2025 following Hong Kong’s Stablecoins Ordinance enacted in August 2025. The stablecoin issuer license requires compliance with reserve backing, redemption, governance, and AML controls. HKDAP went into beta access in early 2025 via other distributors before Standard Chartered’s banking rollout.
Key numbers and entities
Standard Chartered Bank (Hong Kong), Anchorpoint Financial, HKT (telecommunications company), Animoca Brands (Web3 investment), Hong Kong Monetary Authority (HKMA), HKDAP (Hong Kong dollar-backed stablecoin). The stablecoin issuer license was granted on April 10, 2025.
What remains unclear
The exact commercial terms of HKDAP distribution by Standard Chartered and precise timing for each phase of the rollout. The scale of initial adoption among institutional clients and the technical infrastructure supporting HKDAP settlements within the bank’s network.