By Standard Chartered has become the first bank to distribute HKDAP, one of Hong Kong’s first regulated stablecoins, marking another step toward integrating blockchain-based money with traditional financial infrastructure. The London-listed bank said on August 24 that it will initially help eligible institutional clients and partners integrate HKDAP, a Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. Standard Chartered Bank (Hong Kong) is Anchorpoint’s majority shareholder.
The bank plans to explore several institutional applications over the coming month, including fund subscriptions, settlements with asset managers, transfers between entities across its global network and cross-border payments. HKDAP, short for Hong Kong Dollar At Par, is designed to maintain a one-to-one value with the Hong Kong dollar. Anchorpoint began the first phase of its rollout on August 12, initially limiting access to institutions, corporate users and professional investors. Standard Chartered’s participation adds a conventional banking distribution channel alongside crypto-native partners already supporting the token.
Standard Chartered Plays Multiple Roles in HKDAP Infrastructure
Anchorpoint was established in 2025 as a joint venture between Standard Chartered Bank (Hong Kong), telecommunications company HKT and Web3 investment group Animoca Brands. The Hong Kong Monetary Authority granted Anchorpoint one of the first two stablecoin issuer licenses in April 2026, alongside HSBC. The licenses followed the implementation of Hong Kong’s Stablecoins Ordinance in August 2025. Standard Chartered therefore occupies several positions within HKDAP’s infrastructure.
Its Hong Kong subsidiary is Anchorpoint’s majority shareholder, while Standard Chartered Trustee (Hong Kong) holds HKDAP’s reserve assets in trust for token holders. The banking group is now also becoming an authorized distribution channel connecting the stablecoin with institutional customers. Anchorpoint uses a business-to-business-to-consumer distribution model rather than relying exclusively on direct issuance. Authorized distributors provide customers with access after completing required account-opening and know-your-customer procedures.
HashKey Exchange and OSL were among the first crypto platforms participating in HKDAP’s rollout. HashKey completed an initial live minting and redemption transaction after the August 12 launch. Earlier testing with OSL had demonstrated the full lifecycle of the token on Ethereum, covering Hong Kong-dollar funding, movement into reserve assets through Standard Chartered’s banking infrastructure, minting, blockchain transfers and eventual redemption.
Hong Kong Pushes Stablecoins Into Real-World Finance
The Standard Chartered distribution agreement moves HKDAP beyond the initial crypto-exchange rollout and toward the institutional settlement applications Hong Kong regulators and issuers have emphasized. Anchorpoint says its initial priorities include cross-border payments and settlement and distribution of tokenized real-world assets. Retail availability could follow as early as the end of 2026, depending on market conditions. Hong Kong’s framework requires issuers of fiat-referenced stablecoins operating within its regulatory perimeter to obtain an HKMA license, maintain appropriate reserve arrangements and comply with redemption, governance and risk-management standards. The regime has been deliberately restrictive. The HKMA received 36 formal applications before granting its initial licenses to only Anchorpoint and HSBC, according to reporting surrounding the April approvals.
HKDAP therefore represents an early test of whether tightly regulated stablecoins can move beyond cryptocurrency trading and become practical settlement instruments inside conventional finance. Standard Chartered’s involvement is particularly significant because it connects the token with an international banking network spanning 55 markets.
If institutional adoption develops as planned, HKDAP could be used to move Hong Kong-dollar liquidity between tokenized funds, corporate entities and international counterparties without depending exclusively on traditional banking settlement hours. The immediate rollout remains controlled and institution-focused. But Standard Chartered becoming the first bank distributor gives Hong Kong’s regulated stablecoin experiment a direct bridge into mainstream financial infrastructure — precisely the type of integration the territory’s digital-asset framework was designed to encourage.