Standard Chartered Becomes First Bank to Distribute HKDAP in Hong Kong

Highlights:

• Standard Chartered became the first bank to distribute HKDAP to eligible institutional clients in Hong Kong.
• Standard Chartered plans to use HKDAP for tokenized fund settlements and other institutional payments.
• Hong Kong currently limits regulated stablecoin issuance to two licensed companies.

Standard Chartered Bank Hong Kong has become the first bank to distribute one of Hong Kong’s two regulated stablecoins. The bank joined the HKDAP distribution network on Aug. 24 and opened access to eligible institutional clients and partners.

Standard Chartered Becomes First Bank to Distribute Hong Kong-Regulated HKDAP Stablecoin

Standard Chartered has become the first bank to distribute one of Hong Kong’s two regulated stablecoins, offering HKDAP, issued by Anchorpoint Financial, to eligible institutional clients… pic.twitter.com/omofoXxo0L

— Wu Blockchain (@WuBlockchain) August 24, 2026

Anchorpoint Financial issues HKDAP, which stands for “HKD At Par,” under HKMA licence FRS01. Standard Chartered is Anchorpoint’s largest shareholder and established the company with HKT and Animoca Brands.

Standard Chartered joins HashKey Exchange and OSL as an authorized HKDAP distributor. HashKey and OSL started offering beta access earlier in August. Therefore, Standard Chartered is the first bank distributor but not the first distributor overall.

Anchorpoint uses banks, exchanges, and other regulated partners to provide HKDAP access. Eligible institutions can convert Hong Kong dollars into HKDAP through authorized distributors. They can also redeem their HKDAP for Hong Kong dollars through these channels. OSL provides distribution, liquidity, and conversion services during the beta period. Each distributor manages conversion and redemption services for its own approved clients.

Anchorpoint currently limits access to institutions, corporate customers, and professional investors. HashKey has already completed an initial HKDAP minting and redemption transaction for approved clients. HKDAP runs on Ethereum and aims to maintain a value of HK$1 per token. Hong Kong’s Stablecoins Ordinance requires Anchorpoint to hold enough reserves to support the tokens it issues. Anchorpoint must also keep those reserve assets separate and process eligible redemptions at par.

Standard Chartered Targets Tokenized Fund Settlement With HKDAP

Standard Chartered plans to launch tokenized money market fund subscription and settlement services in the fourth quarter of this year. The bank plans to work with international and Hong Kong asset managers.

The planned service would use HKDAP to handle payments for tokenized fund transactions. Blockchain infrastructure could record the fund units while the stablecoin handles payment on compatible systems. This setup could reduce the delay between transferring fund units and completing payment. However, Standard Chartered has not named the asset managers that will join the service. The bank has also not disclosed expected transaction volumes.

Standard Chartered already supports China Asset Management Hong Kong’s tokenized money market fund. The bank also tested tokenized deposit settlement through the HKMA’s Project Ensemble. In addition, Standard Chartered plans to use HKDAP for payments between companies within its group. The bank plans to expand these intragroup settlement tests across its network.

The tests will focus on treasury and liquidity management. Standard Chartered also plans to explore HKDAP transactions outside normal banking hours because the stablecoin operates on blockchain infrastructure around the clock.

HashKey also plans to use HKDAP for trade settlement between Hong Kong, the UAE and the wider Middle East. Hong Kong recorded about $48.95 billion in trade with the UAE last year. HashKey plans another HKDAP use case with digital asset insurer OneDegree for commercial insurance premium payouts. The exchange previously tested HKDAP for life insurance premium payments with YF Life.

Regulator Keeps Stablecoin Market Under Tight Controls

The HKMA granted Hong Kong’s first stablecoin issuer licences to Anchorpoint and HSBC on April 10. The regulator reviewed 36 applications before approving the two issuers. HSBC had not publicly launched its stablecoin when Standard Chartered joined the HKDAP distribution network on Aug. 24. The HKMA has also said it will remain selective when reviewing future licence applications.

In April, the HKMA warned investors about unrelated tokens using HKDAP or HSBC names. The regulator said those tokens had no connection to either licensed issuer. It urged users to check contract addresses and use authorized channels when accessing regulated stablecoins.

🚨 SCAM ALERT: Hong Kong’s HKMA warns against fake stablecoins using "HSBC" and "HKDAP" tickers. pic.twitter.com/XYilzL5tu3

— NewsRank.io (@NewsRankIO) April 29, 2026