Standard Chartered Bank Hong Kong became the first bank to distribute HKDAP on Aug. 24, giving eligible institutional clients and partners access to Hong Kong's first live regulated local-currency stablecoin.
What Is HKDAP?
Anchorpoint Financial issues HKDAP, short for HKD At Par, under licence FRS01 from the Hong Kong Monetary Authority. The stablecoin operates on Ethereum and is designed to maintain a value of HK$1 per token. Hong Kong's Stablecoins Ordinance requires licensed issuers to maintain adequate reserves, segregate those assets and process redemptions at par.
Standard Chartered is Anchorpoint's largest shareholder and established the company with HKT and Animoca Brands. Hong Kong granted two stablecoin issuer licences in April, one to Anchorpoint and another to HSBC. HSBC had not publicly launched its stablecoin when Standard Chartered announced its distribution service.
First Bank Distributor
Standard Chartered joins HashKey Exchange and OSL as an authorized HKDAP distributor, but it is the first conventional bank to join the network. Eligible clients can use authorized distributors to convert Hong Kong dollars into HKDAP and redeem the tokens for fiat currency. Access remains limited to institutions, corporate customers and professional investors during the current phase.
Anchorpoint's published figures showed 522,000 HKDAP in circulation as of Aug. 19, reflecting the project's controlled beta status rather than broad consumer adoption. The limited supply shows that the rollout is still in early stages.
Tokenized Fund Settlement Planned
Standard Chartered plans to introduce subscription and settlement services for tokenized money market funds during the fourth quarter. The bank said it would work with international and Hong Kong asset managers. A stablecoin can provide the cash side of a tokenized fund transaction on the same blockchain infrastructure used to record the fund units, reducing the timing gap between transferring an investment and completing its payment.
The project builds on the bank's existing tokenization work. Standard Chartered already provides infrastructure for China Asset Management Hong Kong's tokenized money market fund and previously tested tokenized deposit settlement through the HKMA's Project Ensemble.
Hong Kong's Stablecoin Framework
The HKMA awarded its first licences to Anchorpoint and HSBC on April 10 after receiving 36 applications, saying it will remain selective when considering further approvals. The HKMA has also warned investors about unrelated tokens using the HKDAP name circulating without connections to the licensed issuers.
Anchorpoint adopted a business-to-business-to-consumer distribution model, working with regulated banks, exchanges and commercial partners that provide access and fiat conversion. Wider access, including a possible retail expansion, may arrive by the end of 2026, subject to market conditions and regulatory requirements.
