Standard Chartered announced plans to distribute HKDAP stablecoin.
The global bank is the first bank to be able to offer the Hong-Kong Dollar stablecoin after Anchorpoint launched a beta phase for its HKDAP issuance a few weeks earlier.
This is intended for certain commercial use-cases, including but not limited to: tokenized money market funds, cross-border payments, trading settlement, and others.
Standard Chartered joins other non-bank distributors, including OSL Group and Hashkey.
Outside of its subsidiary Anchorpoint, the bank had spun out and invested into institutional platforms Zodia Markets and Zodia Custody. The latter was acquired a few months back.
Standard Chartered and Stablecoins
Standard Chartered continues to develop its stablecoin strategy for its corporate clients.
The Globally Systemic Important Bank (GSIB) plays an important role in providing infrastructure and market research for stablecoins and tokenization solutions.
It also considers the broader scope of digital assets by offering custody products, stablecoin services, and tokenized deposits.
Circle granted Standard Chartered an exclusive direct stablecoin mint and redeem capacity with the Standard Chartered branch in UAE back in July.
While more recently, the bank utilized the tokenized deposit platform developed by Swift to settle a transfer with HSBC.
