Standard Chartered, the London-headquartered bank with $850 billion in assets, said it will become the first bank to distribute a regulated stablecoin in Hong Kong, according to CoinDesk. In an emailed statement issued on Monday, the bank said it will first help eligible institutional clients and partners integrate HKDAP, a Hong Kong dollar stablecoin issued by Anchorpoint Financial, where Standard Chartered is the majority shareholder. The bank also said it plans to roll out several new commercial applications for HKDAP over the next month. The stated use cases include money market fund subscriptions, settlements with asset managers, interdepartmental settlements within the bank’s global network, and cross-border payments. Anchorpoint Financial began a limited launch of HKDAP on Aug. 12 after securing one of Hong Kong’s first two issuer licenses four months earlier. The initial rollout is focused on institutional payments and settlements, with more access channels and cross-border applications to be added later. The report also said HSBC, another first-batch license holder, is preparing to launch its own stablecoin in the second half of 2026 and may distribute it through PayMe, which has 3.3 million users.
Standard Chartered said it will become the first bank to distribute a regulated stablecoin in Hong Kong, according to CoinDesk. The London-headquartered bank has $850 billion in assets.
In an emailed statement released on Monday, the bank said it will first help eligible institutional clients and partners integrate HKDAP, a Hong Kong dollar stablecoin issued by Anchorpoint Financial. Standard Chartered is the majority shareholder of the issuer.
The bank also said it plans to introduce several new commercial applications for HKDAP over the next month. The listed use cases include money market fund subscriptions, settlements with asset managers, interdepartmental settlements within the bank’s global network, and cross-border payments.
Anchorpoint Financial began a limited launch of HKDAP on Aug. 12. Four months earlier, it had secured one of Hong Kong’s first two issuance licenses. The initial phase is focused on institutional payments and settlements, with additional access channels and cross-border applications to be added later.
Another first-batch license holder, HSBC, is preparing its own stablecoin for a launch in the second half of 2026 and may distribute it through PayMe, which has 3.3 million users.
The report added that Payward, the parent company of Kraken, has also expanded its Hong Kong stablecoin business through a $600 million acquisition of Reap Technologies.
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