Standard Chartered Bank (Hong Kong) has secured exclusive rights to distribute HKDAP, a Hong Kong dollar-backed stablecoin launched by Anchorpoint Financial, marking a pivotal step in the integration of digital assets into traditional banking operations. The bank aims to leverage HKDAP for institutional clients in areas such as tokenized fund settlements, treasury management, and cross-border transactions, with potential expansions into money market fund subscriptions and intragroup transfers.
Anchorpoint Financial, a joint venture between Standard Chartered (Hong Kong), HKT, and Animoca Brands, received its stablecoin issuer licence from Hong Kong’s Monetary Authority (HKMA) in April 2025, alongside HSBC’s Hong Kong division. The stablecoin’s development followed Anchorpoint’s participation in HKMA’s stablecoin sandbox in July 2024 and the implementation of Hong Kong’s Stablecoins Ordinance in August 2025.
Standard Chartered’s role as the first authorized distributor underscores the bank’s strategic focus on digital innovation, with CEO Mary Huen noting robust client interest in HKDAP’s applications. Prior to its formal launch, HashKey Group and OSL provided beta access to the stablecoin, paving the way for its adoption in conventional banking.
Plans for HKDAP include facilitating tokenized money market fund subscriptions with asset managers by the fourth quarter of this year, alongside broader use cases in treasury and cross-border payments. The initiative reflects growing regulatory and institutional confidence in stablecoins as tools for financial services modernization.
Written by Jessica Primrose
Stablecoins Desk
