Woofun AI reports that Standard Chartered Bank (Hong Kong), or SCBHK, has become the first bank authorized to distribute HKDAP, the regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. This strategic integration marks a pivotal shift for the digital asset, moving it from niche crypto exchanges into mainstream institutional banking infrastructure. The announcement was confirmed by SCBHK CEO Mary Huen, who highlighted the strong client interest in leveraging HKDAP for business needs since the issuer received its license.

The rollout strategy prioritizes eligible institutional clients and partners, focusing on tokenized fund settlements, treasury operations, and cross-border payments during a phased implementation.

Notably, this banking expansion occurs nearly two weeks after Anchorpoint initiated beta access through HashKey Group and OSL, signaling a rapid acceleration in distribution channels. SCBHK plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers in the fourth quarter.

Additionally, the bank intends to utilize the stablecoin for intragroup settlements across its banking network in the near term, optimizing internal liquidity flows.

Structurally, Anchorpoint operates as a subsidiary of Standard Chartered, which remains its largest shareholder. The entity was established as a joint venture involving SCBHK's Hong Kong arm, telecommunications company HKT, and Web3 investment firm Animoca Brands. This corporate architecture ensures that the licensed issuer is deeply integrated with traditional financial infrastructure while maintaining strategic ties to the Web3 sector. The partnership model allows for shared expertise in regulatory compliance, technological development, and market access.

Per Woofun AI, the regulatory timeline reveals a methodical progression toward compliance. The partners announced plans for an HKD-backed stablecoin in February 2025, following participation in the Hong Kong Monetary Authority's (HKMA) stablecoin issuer sandbox since July 2024. Anchorpoint Financial was formally established in August 2025 to pursue the issuer license. Hong Kong's Stablecoins Ordinance took effect on Aug. 1, 2025, prompting the HKMA to issue supervisory guidelines and open a public register of licensed issuers. On April 10, the HKMA granted its first stablecoin issuer licenses to Anchorpoint and HSBC's Hong Kong banking arm, validating their adherence to strict regulatory standards.

The approvals were contingent upon meeting rigorous requirements covering reserve backing, redemption mechanisms, governance structures, and Anti-Money Laundering (AML) controls. This framework ensures that licensed issuers maintain transparency and security in their operations. The integration of HKDAP into Standard Chartered's distribution network underscores the growing convergence of traditional banking and digital asset infrastructure. This marks a significant milestone in the adoption of regulated stablecoins within the global financial system.