Standard Chartered Bank (Hong Kong) Becomes First Authorized Distributor of Regulated HKD Stablecoin

Standard Chartered Bank (Hong Kong), known as SCBHK, has achieved a significant milestone by becoming the first bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. This strategic move marks a pivotal step in integrating digital assets into conventional banking channels, with SCBHK already engaging eligible institutional clients and partners. The initial rollout will focus on various use cases, including tokenized fund settlements, streamlined treasury operations, and enhanced cross-border payments, signaling a phased approach to adoption.

The inclusion of Standard Chartered as a distributor significantly broadens the reach of HKDAP, extending its availability into the traditional banking sector. This development occurs less than two weeks after Anchorpoint commenced beta access for its stablecoin through prominent digital asset platforms, HashKey Group and OSL. SCBHK has expressed its anticipation of introducing a suite of new commercial applications for HKDAP in the coming months, underscoring its commitment to fostering innovation within the digital asset space.

In a concrete step towards broader integration, Standard Chartered plans to facilitate HKDAP-based subscriptions and settlements for tokenized money market funds. This initiative is slated for the fourth quarter and will involve collaboration with both international and local asset managers. Furthermore, the bank intends to leverage the stablecoin for intragroup settlements across its extensive global banking network in the near term, aiming to optimize operational efficiency and reduce transaction friction.

Mary Huen, CEO of SCBHK, highlighted the strong client interest in HKDAP since Anchorpoint secured its stablecoin issuer license. She emphasized that the stablecoin holds significant potential to support a range of business needs, including payments, settlements, and treasury management. Crucially, SCBHK’s distribution capabilities will provide eligible clients with secure and regulated access to these digital asset functionalities through established banking channels, thereby building trust and facilitating wider adoption.

Anchorpoint, the issuer of HKDAP, is a notable joint venture established by key players in the financial and technology sectors. It is a collaboration between Standard Chartered’s Hong Kong arm, the telecommunications giant HKT, and the Web3 investment firm Animoca Brands. Standard Chartered holds the position of Anchorpoint’s largest shareholder, and the licensed issuer operates as a subsidiary of the bank, reinforcing the strong ties and strategic alignment.

The genesis of HKDAP dates back to February 2025, when the partner entities announced their intentions to launch an HKD-backed stablecoin. This announcement followed their active participation in the Hong Kong Monetary Authority’s (HKMA) stablecoin issuer sandbox, which commenced in July 2024. The formal establishment of Anchorpoint Financial occurred in August 2025, marking the beginning of their pursuit of a stablecoin issuer license.

The regulatory landscape for stablecoins in Hong Kong solidified with the enactment of the Stablecoins Ordinance on August 1, 2025. In anticipation of this crucial legislation, the HKMA proactively issued comprehensive supervisory guidelines and launched a public register of licensed issuers, setting clear standards for the industry.

A significant regulatory milestone was reached on April 10, when the HKMA granted its first stablecoin issuer licenses to Anchorpoint and HSBC’s Hong Kong banking arm. These approvals were contingent upon meeting stringent standards, including robust reserve backing, reliable redemption mechanisms, sound governance frameworks, and stringent Anti-Money Laundering (AML) controls, underscoring Hong Kong’s commitment to a secure and well-regulated digital asset ecosystem.

The development of HKDAP and its subsequent distribution by Standard Chartered Bank (Hong Kong) represent a significant advancement in the adoption of regulated stablecoins within the traditional financial system. The partnership between a major international bank, a telecommunications leader, and a prominent Web3 investment firm signifies a convergence of expertise and resources, poised to drive innovation and efficiency in financial transactions. The phased rollout and planned commercial applications indicate a strategic intent to integrate this digital asset seamlessly into existing financial workflows, benefiting a wide range of institutional clients.

The regulatory clarity provided by the HKMA’s Stablecoins Ordinance and the issuance of licenses have been instrumental in fostering confidence and encouraging participation from established financial institutions. Anchorpoint’s adherence to the strict licensing requirements, particularly concerning reserve backing and AML controls, ensures the stability and integrity of HKDAP. This, in turn, allows SCBHK to offer its clients a regulated and secure avenue for engaging with digital assets.

The initial focus on tokenized fund settlements, treasury operations, and cross-border payments reflects the most immediate and impactful use cases for stablecoins in institutional finance. By enabling these functions through a regulated banking channel, SCBHK aims to mitigate risks associated with nascent digital asset markets and provide a familiar interface for its clients. The planned introduction of HKDAP-based subscriptions and settlements for tokenized money market funds further highlights the potential for stablecoins to revolutionize fund management and investment processes.

The involvement of asset managers in this initiative suggests a growing appetite for digital asset solutions within the investment community. As SCBHK expands its commercial applications, the integration of HKDAP into intragroup settlements across its global network will underscore its utility in optimizing interbank transactions and enhancing operational efficiency within a large financial conglomerate.

The statement from Mary Huen, CEO of SCBHK, underscores the strategic importance of HKDAP in meeting evolving client needs. The bank’s role as a distributor not only facilitates access but also ensures that clients engage with the stablecoin through a trusted and regulated entity. This approach is crucial for building confidence and encouraging broader adoption of stablecoins within the mainstream financial industry. The continuous development of new commercial applications by SCBHK in the coming months will be closely watched as the stablecoin market matures and its potential applications continue to expand. The success of HKDAP, underpinned by the robust regulatory framework and the backing of reputable institutions, could pave the way for further innovation and the broader integration of digital assets into the global financial landscape.