HashKey Exchange, Hong Kong’s largest licensed virtual asset trading platform, has been appointed as an authorized distributor of HKDAP, the first regulated stablecoin pegged to the Hong Kong dollar and fully backed by HKD reserves, issued by Anchorpoint Financial. During a live beta test launched on August 12 with insurer YF Life Insurance International Limited, the stablecoin demonstrated near real-time settlement capabilities, compressing the typical two-to-three business day insurance payment window to minutes. The Stablecoins Ordinance, effective August 1, 2025, established a formal licensing regime requiring HKMA approval and full reserve backing for fiat-referenced stablecoin issuers in the city. HashKey plans to expand HKDAP’s use beyond insurance into corporate payments and cross-border trade settlements, with OSL serving as another authorized distributor alongside HashKey.
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