Standard Chartered Brings HKDAP to Tokenized Fund Settlement
Tokenized money market funds are emerging as a practical institutional use case for real-world assets, but putting fund units on a blockchain addresses only the asset side of a transaction. HKDAP, issued by Anchorpoint Financial Limited, is designed as a regulated settlement instrument referenced one-for-one to the Hong Kong dollar, with a par value of HK$1. Pairing it with tokenized fund units could enable coordinated delivery-versus-payment, reduce manual reconciliation and support programmable, round-the-clock settlement.
The Hong Kong Monetary Authority launched Project Ensemble in 2024 and moved to real-value transactions through EnsembleTX in November 2025, identifying tokenized money market fund settlement as an initial focus. On Aug. 24, 2026, Standard Chartered said it had become HKDAP’s first bank distributor and was exploring fund settlement, treasury management and cross-border payments. The bank plans to begin tokenized MMF subscription and settlement activities with asset managers in the fourth quarter of 2026; no transaction value was disclosed.
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The history behind this eventTokenized Money Market Funds Reshape Cash Management
Money market funds are a staple of corporate cash management, investing in short-term debt and cash equivalents to preserve capital while providing liquidity. Tokenized money market funds, or tMMFs, put fund shares on a blockchain without changing the underlying portfolio, governance or net asset value process. The structure matters because it can enable round-the-clock transfers, programmable workflows and use as collateral, linking regulated investment products with the growing real-world asset, or RWA, market.
Zoniqx published its guide on June 18, 2024, highlighting JPMorgan’s Tokenized Collateral Network, Fidelity International, Franklin Templeton and Ondo Finance as examples of institutional adoption. The report says tMMFs can trade 24/7 and settle near-instantly, potentially reducing counterparty risk and operating costs while widening access through fractional ownership. It disclosed no transaction value or fund AUM, framing the development as an infrastructure shift rather than a new capital raise or product launch.
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