Home Standard Chartered Becomes First Bank To Distribute Hong Kong Dollar Stablecoin

Standard Chartered Becomes First Bank To Distribute Hong Kong Dollar Stablecoin

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Standard Chartered Becomes First Bank To Distribute Hong Kong Dollar Stablecoin
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Standard Chartered has become the first bank to distribute one of Hong Kong’s two regulated stablecoins, marking another step in the city’s push to build a regulated digital-asset market. The London-based bank will initially help eligible institutional clients and partners integrate the Hong Kong dollar stablecoin issued by Anchorpoint Financial.

Standard Chartered is a majority shareholder in Anchorpoint. The bank also plans to develop new commercial uses for the stablecoin, including fund subscriptions, asset-manager settlements, intragroup transfers and cross-border payments.

Standard Chartered Becomes First Bank To Distribute Hong Kong Dollar Stablecoin

Source: sc.com

The stablecoin, known as HKDAP, began a limited rollout on August 12. Anchorpoint Financial received one of the first two stablecoin issuer licences in Hong Kong four months earlier.

The initial rollout is focused mainly on institutional payments and settlement. Over time, the company plans to expand access channels and introduce more cross-border applications.

Standard Chartered said it plans to roll out several commercial applications for HKDAP over the coming month. One potential use is the settlement of transactions between the bank and asset managers. The stablecoin could also be used for payments between different parts of Standard Chartered’s global network.

Cross-border payments are another area where the bank sees potential. Stablecoins can move digital value across blockchain networks without relying entirely on traditional payment rails, although regulated stablecoins still need to operate within the rules of the jurisdictions involved.

Hong Kong has been building a regulatory framework around stablecoins as it seeks to establish itself as a major digital-asset centre. The city granted its first two stablecoin issuer licences earlier this year, with Anchorpoint Financial and HSBC among the initial licensees.

HSBC is preparing to launch its own stablecoin during the second half of 2026. Its stablecoin could potentially be distributed through PayMe, HSBC’s payments platform, which has about 3.3 million users.

The growing competition is not limited to traditional banks. Payward, the parent company of crypto exchange Kraken, has also expanded its stablecoin operations in Hong Kong. The company has entered into a $600 million agreement to acquire Reap Technologies, further strengthening its presence in the region.

Standard Chartered’s role is particularly notable because banks have traditionally been cautious about directly distributing digital assets. The bank’s involvement suggests that regulated stablecoins are increasingly being viewed as potential financial infrastructure rather than simply another type of cryptocurrency.

For Anchorpoint, having a major international bank distribute HKDAP could help bring the stablecoin to more institutional users. For Standard Chartered, the initiative provides an opportunity to test how a Hong Kong dollar-based digital asset can be used in everyday financial operations.

The next stage will be watching whether these institutional experiments translate into wider commercial adoption. Hong Kong’s regulated stablecoin market is still young, but the involvement of major banks and crypto companies suggests that competition is likely to intensify.

 

 

 

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Written by
Kapil Rajyaguru -

Kapil Rajyaguru is a news editor at 3.0 TV with over 15 years of professional writing experience and more than four years dedicated to the cryptoverse.

An engineer by education and a writer by passion, Kapil brings a rare mix of technical insight and storytelling finesse. A firm believer that cryptocurrencies, blockchain and AI are the building blocks of the future, he crafts in-depth news and analysis to educate, empower and prepare the masses for the next frontier of Web3.

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