Standard Chartered Becomes First Bank Distributor of Hong Kong-Regulated HKDAP Stablecoin

Standard Chartered is authorised as the first banking institution to distribute HKDAP, the regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. It is also exploring the token’s potential uses with qualifying institutional customers and business partners.

Moreover, Standard Chartered is piloting HKDAP for intragroup settlement and exploring its use for cross-border payments, and treasury and liquidity management.

The bank plans to expand its tokenized-finance services in the fourth quarter by launching subscription and settlement services for tokenized money market funds in collaboration with international and local asset managers.

Source: Standard Chartered