The bank will enable tokenized money market fund settlements using HKDAP in Q4, expanding access to regulated stablecoin services.
Standard Chartered Bank (Hong Kong) has become the first bank authorized to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin. The move follows Anchorpoint Financial’s phased rollout of the stablecoin through digital asset platforms HashKey Group and OSL earlier this month.
The bank will introduce HKDAP-based subscriptions and settlements for tokenized money market funds with asset managers in the fourth quarter. It also plans to use the stablecoin for intragroup settlements across its banking network, targeting treasury operations and cross-border payments.
SCBHK CEO Mary Huen noted strong client interest in using HKDAP for payments, settlement, and treasury management. The bank’s distribution aims to provide eligible institutional clients access through a regulated banking channel.