On August 24, Standard Chartered became the first bank to distribute HKDAP, Hong Kong's regulated HKD stablecoin. HKDAP is issued by Anchorpoint Financial (a venture of Standard Chartered, HKT, and Animoca Brands), holds one of the HKMA's first stablecoin licences, and is fully backed 1:1 by HKD reserves, with HashKey and OSL as authorized distributors. Standard Chartered's stated uses include fund subscriptions, settlement with asset managers, and cross-border payments, with tokenized money market fund subscription and settlement planned for Q4. Settling tokenized assets on-chain takes more than the asset side; it needs a compliant HKD cash side to match. That rail now runs through a mainstream bank, not only through an exchange.