Standard Chartered Becomes First Bank to Distribute Hong Kong-Regulated Stablecoin HKDAP
Summary
- Standard Chartered said it has become the first bank to distribute HKDAP, a stablecoin regulated in Hong Kong.
- Standard Chartered said it plans to launch subscription and settlement services for tokenized money market funds (MMFs) using HKDAP in the fourth quarter.
- Standard Chartered said it plans to expand the use of HKDAP to intra-group payments, cross-border payments and settlements, and corporate treasury management.
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Standard Chartered has become the first bank to distribute HKDAP, a stablecoin approved by regulators in Hong Kong.
Wu Blockchain reported on August 24 that Standard Chartered has begun offering HKDAP, issued by Anchorpoint Financial, to eligible institutional clients and partner companies. HKDAP is one of two regulated stablecoins in Hong Kong.
The bank plans to tie the stablecoin to institutional financial services rather than limit its role to distribution. In the fourth quarter, it plans to launch subscription and settlement services for tokenized money market funds, or MMFs, with asset managers.
Standard Chartered is also testing intra-group payments using HKDAP. It is also considering expanding its use to cross-border payments and settlements, as well as corporate treasury management.
The case is drawing attention because it links a regulated stablecoin directly to institutional financial services at a traditional bank. Standard Chartered plans to widen HKDAP's use from subscription and settlement for tokenized financial products to internal settlements and cross-border payments.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.