Standard Chartered Bank Hong Kong (SCBHK) has begun distributing HKDAP, marking the first time a major bank has offered the regulated, Hong Kong dollar-backed stablecoin to eligible institutional clients and partners. HKDAP is issued by Anchorpoint Financial, which operates as a subsidiary of Standard Chartered and serves as its largest shareholder.
Bank launches stablecoin access for institutional clients
The phased rollout of HKDAP access aims to facilitate uses including tokenized fund settlements, treasury management, and cross-border payments. SCBHK stated on Monday that it is actively engaging institutional clients and business partners to integrate the stablecoin into their operations.
SCBHK’s entry comes nearly two weeks after Anchorpoint initially launched beta access to HKDAP via digital asset firms HashKey Group and OSL. The expansion is seen as a significant step for mainstream adoption of regulated stablecoins in Hong Kong.
Since Anchorpoint received its stablecoin issuer licence, SCBHK has observed strong client interest in utilizing HKDAP to meet a variety of business needs. SCBHK’s distribution platform aims to support payments, settlements, and treasury management through a regulated banking channel, giving eligible clients secure access to this new financial tool.
Upcoming commercial applications and integration plans
SCBHK plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds in collaboration with both international and local asset managers by the fourth quarter of the year. The bank also intends to use the stablecoin for intragroup settlements within Standard Chartered’s global network in the near future.
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AAPLMary Huen, CEO of SCBHK, emphasized that the bank is focused on expanding the range of commercial applications for HKDAP, including integration into routine banking processes and cross-border payment solutions.
Anchorpoint Financial was established as a joint venture between Standard Chartered’s Hong Kong division, telecommunications company HKT, and Web3 investor Animoca Brands. The company has been building its stablecoin offering since joining the Hong Kong Monetary Authority’s (HKMA) stablecoin issuer sandbox in July 2024 and was formally founded in August of that year.
Mini dictionary: Anchorpoint Financial, a licensed stablecoin issuer operating as a subsidiary of Standard Chartered Bank Hong Kong, was created through a partnership with HKT and Animoca Brands to offer regulated stablecoin solutions backed by the Hong Kong dollar.
Regulatory framework and recent developments
Hong Kong has recently solidified its stablecoin regulatory landscape. The Stablecoins Ordinance came into effect on August 1, 2025, after the Hong Kong Monetary Authority issued supervisory guidelines and opened a public register for licensed issuers.
On April 10, the HKMA granted its inaugural stablecoin issuer licenses to both Anchorpoint and HSBC’s Hong Kong banking division. The license approvals required issuers to comply with standards in reserve backing, redemption procedures, governance, and Anti-Money Laundering safeguards.
| Institution | Stablecoin License Granted | Main Shareholder/Operator |
|---|---|---|
| Anchorpoint Financial | Yes (April 10, 2025) | Standard Chartered Bank Hong Kong |
| HSBC (Hong Kong) | Yes (April 10, 2025) | HSBC Group |
The expansion of regulated stablecoins in Hong Kong is being closely monitored amid continued warnings about unauthorized digital assets. Local authorities have previously issued alerts concerning fake stablecoins attempting to impersonate established institutions such as HSBC and Anchorpoint.
