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 plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with asset managers in the fourth quarter. Anchorpoint Financial, a joint venture between Standard Chartered’s Hong Kong arm, telecommunications company HKT and Web3 investment firm Animoca Brands, received Hong Kong’s first stablecoin issuer license on April 10. The expansion of HKDAP distribution into conventional banking follows Anchorpoint’s beta access launch through HashKey Group and OSL, and falls under Hong Kong’s Stablecoins Ordinance that took effect on August 1, 2025.
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