Standard Chartered Bank (Hong Kong) has become the first conventional bank authorized to distribute HKDAP, Anchorpoint Financial’s regulated Hong Kong dollar-backed stablecoin, extending the token beyond earlier beta access via HashKey Group and OSL nearly two weeks ago. The bank is engaging eligible institutional clients and partners on tokenized fund settlements, treasury operations and cross-border payments during a phased rollout and expects to introduce new commercial applications over the coming months. It plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers in the fourth quarter of 2025, as well as use the stablecoin in intragroup settlements across its banking network in the near term. SCBHK CEO Mary Huen noted that since Anchorpoint received its stablecoin issuer licence, the bank has seen strong interest from clients exploring how HKDAP can support their business needs, adding that the distribution could support payments, settlement and treasury management while providing eligible clients with access through a regulated banking channel. Anchorpoint is a joint venture of Standard Chartered’s Hong Kong arm, HKT and Animoca Brands with Standard Chartered as largest shareholder and the issuer operating as a bank subsidiary. The partners have been participating in the Hong Kong Monetary Authority’s stablecoin issuer sandbox since July 2024, announced plans for an HKD-backed stablecoin in February 2025, and established Anchorpoint Financial in August 2025 while pursuing the issuer license. The HKMA granted its first stablecoin issuer licences on April 10 to Anchorpoint and HSBC’s Hong Kong banking arm under standards for reserve backing, redemption, governance and AML controls. Hong Kong has warned of fake stablecoins impersonating HSBC and Anchorpoint, with users advised to verify contract addresses and access the stablecoin only through authorized channels.