Standard Chartered Responds to License Approval: Plans to Issue HKDAP Hong Kong Dollar Stablecoin in Phased Manner Starting Q2 This Year

Foresight News reports that Standard Chartered Bank has announced that Anchorpoint, a joint venture established by Standard Chartered Bank (Hong Kong) Limited, Hong Kong Telecom, and Animoca Brands, has been granted a stablecoin issuance license by the Hong Kong Monetary Authority. Anchorpoint plans to issue the regulated Hong Kong dollar-backed stablecoin HKDAP (equivalent to the Hong Kong dollar pegged to the US dollar) in phases starting from the second quarter of this year. Anchorpoint Financial will adopt a business-to-business-to-consumer (B2B2C) model, leveraging the broad customer base of designated authorized distributors to expand access to HKDAP. Additionally, it will encourage the development of real-world use cases that bring tangible benefits to the regional economy by offering incentives to early partners, thereby promoting the adoption of HKDAP. Furthermore, Anchorpoint aims to enhance the settlement and distribution of tokenized real-world assets through the co-development of innovative use cases.