Standard Chartered Becomes First Bank Distributor of HKD Stablecoin
Hong Kong dollar-backed stablecoin to be used in tokenized fund settlements.
1Historic move
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. This marks the first time a licensed bank will distribute such a digital asset. The bank is initially focusing on use cases for institutional clients and partners. Tokenized fund settlements, treasury operations, and cross-border payments are among the priority areas for the phased rollout.
2Tokenized fund settlements
Standard Chartered plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers in Q4 2026. This step is seen as a significant milestone in integrating traditional banking with digital assets. The bank also aims to use the stablecoin for intra-group settlements across its banking network in the near term. CEO Mary Huen noted strong client interest in how this solution could support their business needs.
3Regulatory background
Anchorpoint Financial was established as a joint venture between Standard Chartered's Hong Kong arm, telecom company HKT, and Web3 investment firm Animoca Brands. After participating in the Hong Kong Monetary Authority's (HKMA) stablecoin issuer sandbox since July 2024, the partners announced plans for an HKD-backed stablecoin in February 2025. Anchorpoint was formally established in August 2025 and applied for an issuer license. Hong Kong's Stablecoins Ordinance took effect on 1 August 2025.
4Licensing process
On 10 April, the HKMA granted its first stablecoin issuer licenses to Anchorpoint and HSBC's Hong Kong banking arm. Approvals were issued under rules requiring licensed issuers to meet standards covering reserve backing, redemption, governance, and Anti-Money Laundering (AML) controls. Before the ordinance took effect, the HKMA published supervisory guidelines and established a public register of licensed issuers. These regulations aim to build trust in the sector.
5Market entry strategy
Anchorpoint began beta access through HashKey Group and OSL about two weeks prior. Standard Chartered's participation as a distributor accelerates HKDAP's entry into conventional banking. SCBHK plans to introduce new commercial applications in coming months. The bank aims to support payments, settlement, and treasury management while providing eligible clients access through a regulated banking channel. This approach could increase mainstream adoption of digital assets.
6Partnership structure
Anchorpoint is a joint venture where Standard Chartered is the largest shareholder. Standard Chartered's Hong Kong arm established the venture with telecom company HKT and Web3 investment firm Animoca Brands. The licensed issuer operates as a subsidiary of the bank. This structure represents a strategic combination of traditional finance and blockchain technology. The partnership also supports Hong Kong's ambitions to become a digital asset hub.
7Client demand
SCBHK CEO Mary Huen reported strong client interest since Anchorpoint received its stablecoin issuer license. Institutional clients want to understand how HKDAP could support their business needs. The bank plans to offer payment, settlement, and treasury management solutions to meet this demand. Providing access through a regulated banking channel builds trust among corporate users. This interest indicates growing institutional acceptance of digital assets.
8Industry impact
Standard Chartered's move is considered a turning point in integrating traditional banking with digital asset ecosystems. Hong Kong's regulatory framework could accelerate mainstream adoption of licensed stablecoins. Innovative solutions are particularly expected in tokenized funds and cross-border payments. This development may contribute to the maturation of Asia's digital asset market. Banks entering stablecoin distribution could pave the way for new business models in the sector.