Standard Chartered Distributes First Regulated Hong Kong Dollar Stablecoin

A Banking First for Hong Kong's Digital Asset Ambitions

@StanChart has become the first global banking institution to distribute a regulated Hong Kong dollar ($HKD) stablecoin, marking a significant step in Hong Kong's effort to build a formal digital asset ecosystem.

The token, called HKDAP (HKD At Par), was launched on August 12, 2026, by Anchorpoint Financial, a joint venture led by Standard Chartered Bank (Hong Kong). The venture is jointly owned by Standard Chartered Bank (Hong Kong), telecom operator HKT, and Animoca Brands. Standard Chartered holds the largest stake.

Each HKDAP token tracks one Hong Kong dollar. Notably, the token runs on Ethereum mainnet rather than a permissioned chain. HashKey Exchange completed the first minting and redemption transaction at launch, while OSL Group also serves as an authorized distributor.

Institutional Access First, Retail to Follow

The distribution framework gives institutional and retail clients a path to instant settlement for cross-border trade and domestic payments, though access is currently restricted. For now, only institutions, corporates, and professional investors can convert between fiat and HKDAP. Retail users cannot access it yet. Anchorpoint could extend HKDAP to retail users as early as the end of 2026.

The launch follows Hong Kong's landmark regulatory move earlier this year. The Hong Kong Monetary Authority (HKMA) granted stablecoin issuer licenses to HSBC and Anchorpoint under the Stablecoins Ordinance on April 10, 2026. Hong Kong's stablecoin rules took effect on August 1, 2025, after the legislation passed in May 2025, placing the city among the earlier major financial markets to adopt a dedicated stablecoin framework.

Both license winners share an unusual trait: each already prints Hong Kong banknotes, with HSBC and Standard Chartered among the city's three note-issuing banks. The HKMA had received 36 applications by the September 30, 2025 deadline, meaning roughly 94% of applicants walked away with nothing.

Broad adoption is likely to face headwinds, including a ban on virtual-currency trading on the Chinese mainland and the dominance of established global stablecoins.

Sources:
CoinDesk: Standard Chartered-led Anchorpoint launches Hong Kong dollar stablecoin
Genfinity: Anchorpoint Launches HKDAP, Hong Kong's First Regulated HKD Stablecoin
Caixin Global: Standard Chartered-Led Venture Launches Hong Kong's First Regulated Stablecoin