Standard Chartered Bank Hong Kong became the first bank to distribute HKDAP on Aug. 24, giving eligible institutional clients and partners access to Hong Kong’s first live regulated local-currency stablecoin.
Summary
- Standard Chartered became HKDAP’s first bank distributor, extending access to eligible institutional clients and partners.
- Anchorpoint holds one of two stablecoin issuer licences granted by Hong Kong’s regulator in April.
- HKDAP launched through controlled beta access on Ethereum for institutions and professional investors this month.
- Standard Chartered plans tokenized money market fund subscription and settlement services during fourth quarter 2026.
- Anchorpoint reported 522,000 HKDAP circulating as of August 19 during the limited beta rollout period.
Anchorpoint Financial issues HKDAP, short for “HKD At Par,” under licence FRS01 from the Hong Kong Monetary Authority. Standard Chartered is Anchorpoint’s largest shareholder and established the company with HKT and Animoca Brands.
Hong Kong granted two stablecoin issuer licences in April, one to Anchorpoint and another to HSBC. That distinction is important: the regulator licensed two issuers, but HSBC had not publicly launched its stablecoin when Standard Chartered announced its distribution service.
Standard Chartered adds a bank channel for HKDAP
Standard Chartered joins HashKey Exchange and OSL as an authorized HKDAP distributor. HashKey and OSL began offering beta access earlier in August, before Standard Chartered became the first conventional bank to join the distribution network.
Eligible clients can use authorized distributors to convert Hong Kong dollars into HKDAP and redeem the tokens for fiat currency. Access remains limited to institutions, corporate customers and professional investors during the current phase.
As previously reported, Anchorpoint launched HKDAP through a phased institutional rollout. HashKey subsequently completed an initial minting and redemption transaction for approved clients.
HKDAP operates on Ethereum and is intended to maintain a value of HK$1 per token. Hong Kong’s Stablecoins Ordinance requires licensed issuers to maintain adequate reserves, segregate those assets and process redemptions at par.
Anchorpoint’s published figures showed 522,000 HKDAP in circulation as of Aug. 19. That limited supply reflects the project’s controlled beta status rather than broad consumer adoption.
HKDAP will target tokenized fund settlement
Standard Chartered plans to introduce subscription and settlement services for tokenized money market funds during the fourth quarter. The bank said it would work with international and Hong Kong asset managers.
A stablecoin can provide the cash side of a tokenized fund transaction on the same blockchain infrastructure used to record the fund units. This can reduce the timing gap between transferring an investment and completing its payment.
Standard Chartered said the service could support faster settlement, but the bank has not named participating managers or disclosed expected transaction volumes.
The project builds on the bank’s existing tokenization work. Standard Chartered already provides infrastructure for China Asset Management Hong Kong’s tokenized money market fund and previously tested tokenized deposit settlement through the HKMA’s Project Ensemble.
The bank will also test HKDAP for transfers between companies within its group. Further proposed applications include cross-border payments, treasury management and transfers outside conventional banking hours.
Those uses remain pilots or planned services. Standard Chartered has not announced a commercial launch date beyond the Q4 target for tokenized fund subscriptions and settlement.
Hong Kong licensed two stablecoin issuers
The HKMA awarded its first licences to Anchorpoint and HSBC on April 10 after receiving 36 applications. The regulator has said it will remain selective when considering further approvals.
Anchorpoint adopted a business-to-business-to-consumer distribution model. Instead of serving every holder directly, it works with regulated banks, exchanges and commercial partners that provide access and fiat conversion.
In related coverage, HashKey became an authorized distributor for institutional HKDAP access. OSL also provides distribution, liquidity and conversion services during the beta period.
The HKMA has warned investors about unrelated tokens using the HKDAP name. Its April warning said tokens carrying HKDAP or HSBC tickers were circulating without connections to the licensed issuers.
Users must therefore verify contract addresses and access the stablecoin through Anchorpoint’s authorized channels.
Independent review raises contract questions
Security researcher Yajin Zhou published an independent review of HKDAP’s Ethereum contract after its beta launch. The analysis questioned elements of its custom approval, upgrade and access-control architecture.
The review claimed some compliance controls did not operate as expected, but the findings were not an HKMA enforcement determination or confirmed exploit.
No theft or loss was identified in the review. Anchorpoint had not published a detailed public response to the findings at the time of writing.
The next measurable developments will be named asset-manager partnerships, actual fund settlement transactions and updated reserve disclosures. Anchorpoint has also said wider access, including a possible retail expansion, may arrive by the end of 2026, subject to market conditions and regulatory requirements.
