Standard Chartered Bank (Hong Kong) (SCBHK) has secured authorization to distribute HKDAP, a Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial, marking the first bank-led distribution of a regulated HKD stablecoin.
The bank will initially engage eligible institutional clients and partners for use cases including tokenized fund settlements, treasury operations and cross-border payments as part of a phased rollout. SCBHK plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers in the fourth quarter. Intragroup settlements across its banking network are also expected to utilize the stablecoin in the near term.
SCBHK CEO Mary Huen highlighted strong client interest in HKDAP following its issuance license, noting the stablecoin’s potential to support payments, settlement and treasury management through a regulated banking channel. Anchorpoint Financial, a subsidiary of Standard Chartered, received its stablecoin issuer license from the Hong Kong Monetary Authority (HKMA) on April 10, alongside HSBC’s Hong Kong banking unit.
Anchorpoint Financial was established in August 2025 as a joint venture between Standard Chartered’s Hong Kong arm, HKT and Animoca Brands, with Standard Chartered holding a majority stake. The initiative traces its origins to the HKMA’s stablecoin issuer sandbox, in which Anchorpoint participated since July 2024. The HKMA’s Stablecoins Ordinance, enacted on August 1, 2025, introduced regulatory requirements for reserve backing, redemption, governance and anti-money laundering controls.
HKDAP’s distribution expands beyond its initial beta access through HashKey Group and OSL to include SCBHK’s institutional client network. The bank expects to unveil additional commercial applications in the coming months as adoption grows.
