Standard Chartered launched a tokenized deposit service in Hong Kong on November 2, and crypto firm HashKey Group says it is among its first institutional clients. The service lets HashKey move bank money within a controlled blockchain environment outside normal banking hours, Crypto Insiders reported.
A tokenized deposit is a digital representation of money held in a bank account. The underlying funds remain commercial bank money and a claim on Standard Chartered, so this is not a stablecoin, and the tokens cannot be traded freely outside the approved environment. Transactions between participating banks can ultimately settle throughout the day, with central bank money as the basis.
HashKey says it uses the deposits for cash management and settlement, including moving funds between group companies and markets when conventional payment systems are closed. China AMC, Finloop and PantherTrade have also completed transactions on the platform. Standard Chartered has not disclosed how much money HashKey moved.
The service is currently limited to business clients in Hong Kong. The bank plans to extend it to more markets but has given no timeline. For crypto firms, the appeal is practical: digital asset markets trade around the clock, while bank transfers still largely follow office hours, which complicates treasury and liquidity management for exchanges and brokers. Tokenized deposits offer a regulated way to narrow that gap without leaving the banking system.
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Sources:
Crypto Insiders: Grote bank laat cryptobedrijf geld buiten bankuren verplaatsen
Standard Chartered: Launches tokenised deposits in Hong Kong
HashKey Group: Adopts tokenised deposit on Standard Chartered’s blockchain platform
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