Standard Chartered Becomes First Bank to Distribute Hong Kong Dollar Stablecoin

Standard Chartered has taken the lead among global banks entering Hong Kong’s regulated stablecoin market, becoming the first to distribute one of the city’s two approved digital currencies.

Standard Chartered’s Role in HKDAP Distribution

The London based bank, which manages $850 billion in assets, said it will begin helping eligible institutional clients and partners integrate HKDAP, the Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. Standard Chartered is also a majority shareholder in Anchorpoint. The bank plans to roll out several commercial uses for HKDAP over the coming month, including market fund subscriptions, settlement with asset managers, payments across its own global network, and cross-border transactions.

Hong Kong’s Stablecoin Rollout So Far

Anchorpoint started a limited rollout of HKDAP on August 12, about four months after receiving one of Hong Kong’s first two stablecoin issuer licenses. The early phase is focused on institutional payments and settlement, with more access points and cross-border features expected later.

Other Banks Entering the Market

HSBC, the city’s other licensed issuer, is preparing to launch its own stablecoin in the second half of 2026, potentially distributing it through PayMe, a payment app with 3.3 million users. Separately, Kraken’s parent company, Payward, has expanded into Hong Kong’s stablecoin space through a $600 million deal to acquire Reap Technologies.