According to CoinMeta, Standard Chartered Bank has announced that it has become the world's first bank to issue a compliant stablecoin, launching the Hong Kong dollar-based HKDAP for payment and settlement services to institutional customers. The bank has an asset size of $850 billion. Meanwhile, HSBC is also preparing to launch its own Hong Kong dollar stablecoin later this year and may distribute it through the PayMe platform, which has 3.3 million users.