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First bank distributes HKDAP
Standard Chartered Bank (Hong Kong) became the first bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial, with the bank saying it began distributing on August 24, 2026.
“Standard Chartered Bank Hong Kong became the first bank to distribute HKDAP on August 24, 2026”
The move extends HKDAP distribution into conventional banking nearly two weeks after Anchorpoint began beta access through HashKey Group and OSL, and it targets eligible institutional clients and partners rather than retail.
Anchorpoint issues HKDAP under licence FRS01, and the token is designed to hold a value of HK$1 per token while running on Ethereum in a controlled beta limited to institutions and professional investors.
Standard Chartered said it expects to introduce tokenized money market fund subscription and settlement services in the fourth quarter of 2026, and it also intends to use HKDAP for intragroup settlement across its banking network in the near term.
Regulation, rollout, and access
Hong Kong’s Stablecoins Ordinance took effect on Aug. 1, 2025, and on April 10 the Hong Kong Monetary Authority granted its first stablecoin issuer licences to Anchorpoint and HSBC’s Hong Kong banking arm.
The approvals came under rules requiring licensed issuers to meet standards covering reserve backing, redemption, governance and Anti-Money Laundering (AML) controls, and the regulator also warned investors about unrelated tokens circulating under the HKDAP or HSBC name.
Standard Chartered’s CEO Mary Huen said, "Since Anchorpoint received its stablecoin issuer licence, we have seen strong interest from clients exploring how HKDAP can support their business needs," tying the bank’s distribution to demand from institutional users.
In its announcement, Standard Chartered framed the distribution as secure access through a regulated banking channel, saying it would engage eligible institutional clients and partners on uses including tokenized fund settlements, treasury operations and cross-border payments during a phased rollout.
What comes next for HKDAP
Standard Chartered said its initial use cases for HKDAP include tokenised money market fund subscription and settlement, intragroup settlement activities for treasury and liquidity management, and cross-border payments where tokenised money can reduce operational friction.
“Among the initial use cases, SCBHK plans to launch tokenised money market fund subscriptions and settlements in the fourth quarter”
The bank also said it plans to launch tokenised money market fund subscriptions and settlements with leading international and local asset managers in Q4, while adopting the intragroup settlement use case across its network in the near term.
Anchorpoint co-founder Dominic Maffei called Standard Chartered’s participation "an important milestone in the growth of the HKDAP ecosystem," adding that broad adoption of regulated tokenised money requires trusted channels that connect new digital infrastructure with market needs.
A security researcher flagged questions about HKDAP’s smart contract compliance controls, but the reporting says no exploit or theft has been confirmed, leaving the next measurable developments tied to asset-manager partnerships, actual fund settlement transactions, and updated reserve disclosures.