Standard Chartered has become the first bank distributor of HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. The British multinational bank will use the stablecoin for actual financing activities, offering institutional clients a digital mechanism for moving and settling Hong Kong dollar-denominated value. Initial applications include tokenized money market funds and intragroup settlement, enabling 24/7 transfers between subsidiaries. While HKDAP streamlines money movement where supported, it does not eliminate foreign exchange, regulation, or banking intermediaries in every transaction. The stablecoin market remains strong, recording $6.5 trillion in total transaction volume over the past 30 days.
Standard Chartered is moving beyond simply supporting stablecoins by preparing to use a regulated Hong Kong dollar stablecoin in actual financing activities. The bank has become an authorized distributor of HKDAP (HKD At Par), a Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial.
Institutional clients such as asset managers, multinational companies, and large corporations traditionally used settlement systems. With HKDAP, the bank can offer them a regulated stablecoin-based mechanism for moving and settling Hong Kong dollar-denominated value.
“Standard Chartered is pleased to be the first bank distributor to provide eligible clients with secure access to the market-first Hong Kong dollar-backed stablecoin,” said Mary Huen, Chief Executive Officer, Hong Kong and Greater China & North Asia, Standard Chartered, as stated.
Tokenized money market funds are one of the first applications, allowing investors to subscribe and settle fund units on-chain using digital Hong Kong dollars. Intragroup settlement is another major use case, where multinational companies could use HKDAP to transfer tokenized Hong Kong dollar value between subsidiaries 24/7.
This would reduce reliance on bank cut-off times, intermediaries, and lengthy reconciliation. HKDAP does not eliminate foreign exchange, regulation, or banking intermediaries in every transaction, but it could streamline money movement where participating parties and jurisdictions support it.
“Leveraging the bank’s international network and digital asset expertise will help expand commercial and cross-border opportunities with HKDAP,” added Dominic Maffei, Chief Executive Officer and Co-Founder, Anchorpoint, according to the release.
Bitcoin’s Stablecoin Supply Ratio traded around 11.2–11.6 through most of August before surging to about 14.2 after Bitcoin’s price rally. Stablecoins recorded $6.5 trillion in total transaction volume over the past 30 days, indicating strong market activity.
