Standard Chartered Bank (Hong Kong) Limited has become the first traditional bank to serve as an authorised distributor of HKDAP (“HKD At Par”), the first regulated Hong Kong dollar-backed stablecoin. The announcement was made on August 24, 2026.
HKDAP is issued by Anchorpoint Financial Limited under a stablecoin issuer licence granted by the Hong Kong Monetary Authority. Anchorpoint, established as a joint venture involving Standard Chartered, HKT and Animoca Brands, began a limited institutional beta rollout earlier in August. Standard Chartered is the largest shareholder in Anchorpoint and also acts as trustee for the reserve assets backing the token.
As the first bank distributor, Standard Chartered is engaging eligible institutional clients and partners to integrate HKDAP into real-economy use cases. Planned applications include tokenised money market fund subscriptions and settlements (targeted for the fourth quarter of 2026), intragroup treasury and liquidity management transfers, and cross-border payments. These aim to reduce operational friction, improve capital mobility and enable 24/7 settlement outside traditional banking cut-off times.
HKDAP is designed to maintain a one-to-one peg with the Hong Kong dollar. During the initial beta phase, circulation reached approximately 522,000 tokens as of mid-August. Access remains limited to institutions and professional investors, with broader channels expected later. Other authorised distributors include crypto platforms such as HashKey Exchange and OSL; Standard Chartered’s involvement marks the first conventional banking distribution channel.
Mary Huen, CEO for Hong Kong and Greater China & North Asia at Standard Chartered, described the move as reflecting the bank’s commitment to advancing tokenised money and supporting the real-world economy.
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The development strengthens Hong Kong’s regulated digital-asset infrastructure and brings a local-currency stablecoin into mainstream banking workflows. Participants exploring tokenised settlement should continue prioritising robust security practices for digital assets.
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As Standard Chartered begins distributing HKDAP to institutional clients, the initiative represents an early step toward embedding regulated local-currency stablecoins into everyday treasury, settlement and cross-border payment operations.