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Standard Chartered Bank Hong Kong has become the first bank authorized to distribute HKDAP, giving eligible institutional clients and partners a banking channel to the regulated Hong Kong dollar stablecoin issued by Anchorpoint Financial.
The move expands HKDAP’s controlled rollout, which began on August 12. Anchorpoint is a Standard Chartered subsidiary and joint venture with HKT and Animoca Brands, with Standard Chartered its largest shareholder.
Bank Plans HKDAP Tokenized Fund Settlement in Q4
Standard Chartered plans to use HKDAP across tokenized fund settlement, treasury management and cross-border payments.
The bank expects to launch subscriptions and settlements for tokenized money market funds with international and local asset managers in the fourth quarter. It also intends to introduce intragroup settlement using HKDAP across its network in the near term.
Standard Chartered is HKDAP’s first bank distributor, not its first distributor. HashKey Exchange and OSL had already enabled access when Anchorpoint launched Beta Access earlier in August.
HKDAP Beta Access Remains Limited to Non-Retail Users
HKDAP, or Hong Kong Dollar At Par, is issued at HK$1 per token. Its reserve pool must have a market value at least equal to the par value of HKDAP in circulation, with the assets held on trust for token holders.
Beta Access is currently limited to selected authorized distributors and their corporate and professional-investor clients. HKDAP operates on Ethereum mainnet during this phase. Anchorpoint reported 522,000 HKDAP in circulation and transaction volume of 658,160 as of August 19.
The HKMA granted Anchorpoint stablecoin issuer license FRS01 in April. Anchorpoint and HSBC were the first two issuers licensed under Hong Kong’s Stablecoins Ordinance.
Full HKDAP Launch Targeted as Early as End-2026
Anchorpoint is using Beta Access to test issuance, distribution, conversion, and supporting infrastructure before expanding availability.
The company targets Full Launch as early as the end of 2026, subject to operational readiness. Anchorpoint says retail users are expected to become eligible after Full Launch begins.
For Standard Chartered, the next announced milestone is Q4, when the bank plans to begin using HKDAP for tokenized money market fund subscriptions and settlements with asset managers.
