Standard Chartered Bank (Hong Kong) Limited (SCBHK) today announced that it has become an authorised distributor of HKDAP (“HKD At Par”), the first regulated Hong Kong Dollar-backed stablecoin issued by Anchorpoint Financial Limited.

As the first bank to onboard as an initial distributor, SCBHK is ready to support use cases and actively engaging with eligible institutional clients and partners to integrate HKDAP into their business activities, unlocking real-economy benefits through more efficient and cost-effective transactions and operations.

As HKDAP advances through its phased rollout, SCBHK expects to introduce a number of new commercial applications over the coming months, laying the foundation for broader adoption and supporting the development of Hong Kong’s digital asset ecosystem.

Being the largest shareholder of Anchorpoint, SCBHK has been working closely with its subsidiary to bring to market a diverse range of real-world use cases that leverage HKDAP’s native 24/7 capabilities as a programmable and interoperable on-chain settlement instrument.

Initial use cases span tokenised money market fund subscription and settlement, intragroup settlement activities to facilitate treasury and liquidity management, as well as cross-border payments, where tokenised money can reduce operational friction while improving capital mobility and transaction predictability.

Among the initial use cases, SCBHK plans to launch tokenised money market fund subscriptions and settlements with leading international and local asset managers in the fourth quarter.

SCBHK also intends to adopt the intragroup settlement use case across its network in the near term. These pilots will serve as a blueprint for other institutional clients seeking to optimise their commercial activities with on-chain stablecoin, particularly multinational corporations looking to enhance cross-border application.

This, in turn, will reinforce Hong Kong’s position as a leading international financial and corporate treasury centre.