HashKey Exchange, Hong Kong’s largest licensed virtual asset trading platform, will distribute HKDAP, a Hong Kong dollar-pegged stablecoin, after live tests showed near real-time insurance premium settlements. The stablecoin is issued by Anchorpoint Financial and backed 1:1 by Hong Kong dollar reserves.
In a live beta test that kicked off on August 12, HashKey and insurer YF Life Insurance International Limited achieved near real-time insurance premium settlements, reducing the typical two to three business day settlement period. The test demonstrated that regulated stablecoins can plug directly into traditional financial workflows without requiring insurers to overhaul their existing systems entirely.
HashKey has been appointed as one of the first authorized distributors of HKDAP, alongside OSL. The exchange plans to expand HKDAP’s applications into corporate payments and cross-border trade settlements. The distribution mandate goes well beyond insurance, and HashKey’s existing compliance infrastructure made it a natural candidate to serve as a distribution channel for institutional and professional investors looking to use HKDAP.
HKDAP is Hong Kong’s inaugural regulated stablecoin, fully backed by eligible reserves and subject to strict segregation and governance rules set by the Hong Kong Monetary Authority. Anchorpoint Financial secured one of the HKMA’s first stablecoin issuer licenses in April 2026, under the Stablecoins Ordinance, which went into effect on August 1, 2025.
Expanded Applications for HKDAP
HashKey plans to use HKDAP for corporate payments and cross-border trade settlements, in addition to its initial focus on insurance premium settlements. The exchange’s partnership with YF Life Insurance International Limited and OSL demonstrates the potential for regulated stablecoins to integrate into traditional financial workflows.
Regulatory Framework
The Stablecoins Ordinance created a formal licensing regime for fiat-referenced stablecoins in Hong Kong, requiring issuers to obtain an HKMA license, fully back reserves, properly segregate them, and subject them to governance standards. Anchorpoint Financial’s April 2026 license was one of the first issued under this framework.
Conclusion
HashKey’s distribution of HKDAP marks an important milestone in the development of regulated stablecoins in Hong Kong. The partnership between HashKey, YF Life Insurance International Limited, and OSL demonstrates the potential for stablecoins to integrate into traditional financial workflows and expand into new applications.
categories": [ "bitcoin