Standard Chartered becomes first bank to distribute HKDAP stablecoin in Hong Kong

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Standard Chartered to distribute HKDAP

HKDAP to be integrated into tokenized fund settlements

In the fourth quarter, Standard Chartered plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds. The bank is developing the system together with international and Hong Kong-based asset managers.

The stablecoin is also expected to be used for internal settlements between entities within the banking group in the near term. Standard Chartered plans to further expand the use of HKDAP in payments and corporate liquidity management.

SCBHK CEO Mary Huen said the bank had seen strong client interest in HKDAP since Anchorpoint received its license. According to her, distribution through Standard Chartered will give institutional clients access to the stablecoin through a regulated banking channel.

Anchorpoint is a subsidiary of Standard Chartered, which remains its largest shareholder. The venture was established together with telecommunications company HKT and Web3 investment company Animoca Brands.

Hong Kong develops regulated stablecoin market

Work on HKDAP began before Hong Kong introduced a comprehensive regulatory framework for stablecoins. The partners participated in the Hong Kong Monetary Authority’s (HKMA) sandbox program from July 2024 and announced plans to launch a Hong Kong dollar-backed asset in February 2025.

The Stablecoins Ordinance took effect on August 1, 2025. It introduced requirements covering reserve backing, token redemption, corporate governance and anti-money laundering controls.

On April 10, 2026, the HKMA issued its first stablecoin issuer licenses to Anchorpoint and HSBC’s Hong Kong unit. HKDAP’s expansion into Standard Chartered’s infrastructure now extends the token’s distribution beyond specialized cryptocurrency platforms.

At the same time, Standard Chartered and HSBC are expanding their work with other financial instruments. The banks were previously reported to be considering new significant risk transfer transactions amid increased activity involving Asian loan portfolios.

Such transactions allow banks to transfer part of their credit risk to investors, reducing capital requirements. The freed-up resources can then be used for additional lending and other operations.

Standard Chartered previously gave large clients access to USDC issuance and redemption. The service allows institutional clients to work with the stablecoin through banking infrastructure.

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