Standard Chartered becomes first bank to distribute Hong Kong-regulated HKDAP stablecoin, expanding institutional use cases including tokenized funds and cross-border payments.
DeFi & Yields ·
Standard Chartered has become the first bank to distribute HKDAP, a stablecoin issued by Anchorpoint Financial and regulated in Hong Kong. The bank is offering the stablecoin to eligible institutional clients and partners, marking a milestone in regulated digital currency adoption by a major financial institution.
The bank plans to roll out tokenized money market fund subscription and settlement services alongside asset managers beginning in Q4 2024. Concurrently, Standard Chartered is testing HKDAP for intragroup settlement between its own units and examining potential applications in cross-border payments and treasury management.
The move represents an expansion of institutional use cases for a Hong Kong-regulated stablecoin but leaves open questions about the scale of uptake, whether other banks will follow, and which specific asset managers and partners Standard Chartered will engage with for the planned services.