Standard Chartered Hong Kong to Announce Hong Kong Dollar Stablecoin HKDAP Issuance in August

August 3rd - Anchorage Financial, led by Standard Chartered Bank (Hong Kong), is expected to announce progress on the Hong Kong Dollar Anchor Project (HKDAP) in August. Anchorage Financial has previously obtained a stablecoin issuer license approved by the Hong Kong Monetary Authority, becoming one of the first licensed institutions.

Standard Chartered Hong Kong's CEO for Greater China and North Asia, Mary Huen, stated that Anchorage Financial will adopt a Business-to-Business-to-Consumer (B2B2C) model, not directly targeting end users. Instead, it will provide services to businesses, institutions, and individual users through accredited distributors. The application scenarios include cross-border settlements, tokenized assets, etc. She mentioned that the goal of launching the stablecoin is to support the real economy and address the efficiency and cost issues that businesses face in cross-border settlements.