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Digital Assets
Stablecoins
Enhancing cross-border FX payments with real-time settlements
Stablecoins – and why they matter
Stablecoins are digital assets designed to maintain a relatively stable value, typically by being linked to a reference asset such as a fiat currency. They have become an important part of the digital asset ecosystem by enabling more efficient movement between fiat and digital markets, supporting liquidity, and facilitating settlement across a growing range of use cases.
Today, stablecoins are most closely associated with digital asset trading and on-chain activity. But their relevance is widening. As regulation, market infrastructure and institutional participation continue to develop, stablecoins are increasingly being considered in the context of payments, treasury management, tokenised assets and cross-border financial flows.
For us, stablecoins sit within a broader digital assets strategy focused on helping clients navigate emerging forms of digital value. This includes providing research and market insight, building access to institutional-grade infrastructure, and supporting clients across custody, execution and other relevant digital asset services.
Featured report
Beyond concentration: Where non-USD stablecoins can scale
Stablecoins are evolving rapidly from crypto-native settlement tools into a broader layer of digital financial infrastructure. While global trade and capital flows are inherently multi-currency, stablecoin markets today remain highly concentrated, with USD-backed tokens accounting for more than 98 per cent of total market capitalisation.
The report examines the structural diversification gap in digital currency markets, the drivers of local-currency adoption, the sovereign policy dimension, the institutional foundations required for scale, and the strategic implications for market participants.
Download the full report to see how your market may be positioned within the next phase of digital currency development.
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How we support clients in the digital asset ecosystem
Stablecoins are part of a broader digital asset landscape that requires trusted access, institutional-grade infrastructure and the ability to navigate a fast-evolving market. We support clients through a growing digital asset ecosystem spanning research, custody, execution and market access.
Our capabilities are designed to help clients engage with digital assets more confidently and effectively. These include market insight and research, institutional-grade custody solutions, and access to trading, brokerage and liquidity services across selected parts of the digital asset market.
Through our own capabilities and SC ventures including Zodia Custody and Zodia Markets, we are building an ecosystem that can support clients across key digital asset needs: from safekeeping and transfer of digital assets to execution, liquidity access and settlement support.
Research and expertise
Dedicated digital assets research to deliver data-driven insights to clients
Digital Assets Custody
One secure, integrated custody solution for both your traditional and digital assets
Execution
End‑to‑end digital asset execution, brokerage, liquidity and settlement
Explore insights
Stablecoins are part of a wider set of developments shaping digital assets, digital money and market infrastructure. Explore our latest articles, reports and viewpoints to stay informed on the trends, themes and questions that matter most.
In partnership with Zodia Markets
Digital assets designed to maintain stable value
Digital assets have the potential to transform the future of finance and stablecoins are an initial key to unlocking this future. Stablecoins offer opportunities for a multitude of applications, such as to facilitate borrowing, lending and cross-border transactions.
Key insights
This paper delves into the construct of stablecoins, how they offer utility for payments, their potential and live use cases and the risks introduced by using privately issued stablecoins at scale.
- Replicating TradFi: Stablecoins can be used to save in USD, transact in USD and cross-border USD to USD transactions.
- Future use cases: Key growth areas are cross-border payments and (via non-USD stablecoins) FX equivalent transaction.
- A real world use case: There has been a need for a killer application to legitimise digital assets – this is the first.
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Standard Chartered-backed Anchorpoint granted Stablecoin Issuer Licence by the Hong Kong Monetary Authority
Being granted a stablecoin issuer licence by the Hong Kong Monetary Authority under the Stablecoins Ordinance that came into effect 1 August 2025, Anchorpoint targets to issue the regulated Hong Kong Dollar-backed stablecoins – HKDAP (HKD At Par) with a phased approach from the second quarter of 2026.