Standard Chartered’s Hong Kong banking arm has become the first bank authorised to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin, as it moves to deploy the token across fund settlement, treasury operations and cross-border payments.
HKDAP, a programmable and interoperable on-chain settlement instrument with 24/7 capabilities, is issued by Anchorpoint Financial, in which Standard Chartered is the largest shareholder. The stablecoin is designed to support more efficient institutional transactions, with tokenised money helping reduce operational friction while improving capital mobility.
The bank said in a statement on Monday that it is already working with eligible institutional clients and partners to integrate HKDAP, or “HKD At Par,” into commercial activities as the stablecoin moves through a phased rollout.
Fund settlement and treasury pilots take shape
Standard Chartered plans to use HKDAP for tokenised money market fund subscriptions and settlements with international and local asset managers in the fourth quarter, while also deploying the stablecoin for intragroup settlements across its network in the near term.
Those pilots are expected to serve as a model for institutional clients, particularly multinational companies seeking more efficient cross-border treasury and settlement arrangements.
Mary Huen, Standard Chartered’s chief executive for Hong Kong and Greater China & North Asia, said the bank had seen “strong interest from clients exploring how HKDAP can support their business needs” since Anchorpoint secured its stablecoin issuer licence.
“This milestone reflects our commitment to advancing innovation to shape the future of finance and our belief in the transformative potential of tokenised money to support the real-world economy,” Huen said.
Building a broader HKDAP ecosystem
Anchorpoint Chief Executive and Co-Founder Dominic Maffei said Standard Chartered’s role as an authorised distributor marked “an important milestone in the growth of the HKDAP ecosystem.”
“Achieving broad adoption of regulated tokenised money requires trusted channels that can connect new digital infrastructure with market needs,” Maffei said.
Standard Chartered expects additional commercial applications to emerge over the coming months, with the bank positioning HKDAP as part of a broader effort to expand institutional use of tokenised money and strengthen Hong Kong’s role as a digital asset and corporate treasury hub.
