According to CoinMeta, Standard Chartered Bank Hong Kong became the first bank to issue the Hong Kong dollar stablecoin HKDAP on August 24th, for qualified institutional clients and partners. HKDAP is an abbreviation for “Hong Kong dollar parity” and is issued under the authorization of the Hong Kong Monetary Authority. Standard Chartered Bank is the largest shareholder of Anchorpoint and jointly established the company with HKT and Animoca Brands. HKDAP is designed to maintain a value of 1 Hong Kong dollar per token, in compliance with the requirements of Hong Kong’s stablecoin regulations, which mandate that licensed issuers maintain sufficient reserves and handle redemptions at par. As of August 19th, the circulation of HKDAP was 522,000 tokens. Standard Chartered Bank plans to launch subscription and settlement services for tokenized money market funds in the fourth quarter.