Standard Chartered becomes first bank distributor of HKD stablecoin

The bank plans tokenized money market fund settlements in the fourth quarter as HKDAP expands its phased rollout into conventional banking.

Standard Chartered Bank (Hong Kong), or SCBHK, has become the first bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. 

On Monday, the bank said it is engaging eligible institutional clients and partners on uses including tokenized fund settlements, treasury operations and cross-border payments during a phased rollout.

Standard Chartered’s addition expands HKDAP distribution into conventional banking nearly two weeks after Anchorpoint began beta access through HashKey Group and OSL. SCBHK said it expects to introduce new commercial applications over the coming months.

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