Standard Chartered becomes first bank distributor of HKD stablecoin

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.

The bank plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers in the fourth quarter. It also intends to use the stablecoin in intragroup settlements across its banking network in the near term.

“Since Anchorpoint received its stablecoin issuer licence, we have seen strong interest from clients exploring how HKDAP can support their business needs,” SCBHK CEO Mary Huen said in the announcement.

She added that SCBHK’s distribution could support payments, settlement and treasury management while providing eligible clients with access through a regulated banking channel.