First Bank Distributes HKD Stablecoin
Traditional finance meets crypto as Standard Chartered becomes first bank to distribute HKD stablecoin
The update
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 eligible institutional clients on uses including tokenized fund settlements, treasury operations and cross-border payments during a phased rollout.
Why it matters
This marks a significant convergence between traditional banking and digital assets, bringing regulated stablecoins into conventional banking channels. The move expands HKDAP distribution beyond initial beta access through HashKey Group and OSL, potentially accelerating institutional adoption of digital assets in Hong Kong’s financial ecosystem.
What to watch
Watch for the introduction of HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers planned for the fourth quarter. The bank also intends to use the stablecoin for intragroup settlements across its banking network.
Sources
- cointelegraph.com — confirming Standard Chartered's role as first bank distributor of HKD stablecoin and planned tokenized money market fund settlements
- coindesk.com — confirming Standard Chartered's distribution of Anchorpoint's HKD stablecoin to eligible clients