28th August 2026
By Shubhii Verma
Standard Chartered has become the first bank to distribute a regulated Hong Kong dollar-backed stablecoin, marking another major step in the city’s push to integrate digital assets into mainstream financial services.
Bridging Traditional Banking with Regulated Digital Assets
The London-based multinational bank, which has around $850 billion in assets, said it will initially distribute HKDAP, a Hong Kong dollar stablecoin issued by Anchorpoint Financial, to eligible institutional clients and partners. Standard Chartered is also a majority shareholder in Anchorpoint.
Key Commercial Applications and Phased Rollout
The bank plans to introduce several commercial applications for HKDAP over the coming months. These include subscriptions to money-market funds, settlement with asset managers, intragroup transactions across Standard Chartered’s international network and cross-border payments.
The move comes shortly after Anchorpoint Financial began a limited rollout of HKDAP on Aug. 12. The company received one of Hong Kong’s first two licences for regulated stablecoin issuers in April, positioning HKDAP among the first stablecoins operating under the city’s new regulatory framework.
Initially, HKDAP is being focused on institutional payments and settlement. Anchorpoint plans to expand access channels and introduce additional cross-border applications as the stablecoin ecosystem develops.
For Standard Chartered, becoming a distributor could give its institutional customers a regulated way to access blockchain-based payments and settlement while maintaining connections with the traditional banking system. Stablecoins can potentially reduce settlement times, improve transaction efficiency and enable payments to operate continuously across borders.
The Growing Competitive Landscape in Hong Kong
The development also highlights the growing competition among Hong Kong’s banks and financial institutions in the stablecoin market.
HSBC, the other initial stablecoin issuer to receive a licence, is preparing its own Hong Kong dollar stablecoin for launch during the second half of 2026. Its stablecoin could potentially be distributed through PayMe, HSBC’s digital payments platform, which has more than 3.3 million users.
Meanwhile, crypto exchange Kraken’s parent company, Payward, has expanded its Hong Kong stablecoin operations through a proposed $600 million acquisition of payments firm Reap Technologies.
Hong Kong’s regulatory approach is increasingly positioning stablecoins as infrastructure for payments, settlements and financial markets rather than simply as cryptocurrency trading instruments.
The participation of major banks such as Standard Chartered could accelerate institutional adoption. If HKDAP gains wider use among businesses, asset managers and financial institutions, stablecoins could become an important component of Hong Kong’s digital financial infrastructure.
The development also reinforces Hong Kong’s ambition to establish itself as a leading hub for regulated digital assets and tokenised finance in Asia.
