HashKey begins beta distribution of Hong Kong-regulated HKDAP stablecoin

Anchorpoint Financial, a Hong Kong-licensed stablecoin issuer, has added HashKey Exchange as an authorized distributor for its Hong Kong dollar stablecoin, HKDAP, potentially expanding access to the fiat-backed asset as Hong Kong’s regulated stablecoin market takes shape.The companies announced on Tuesday that the arrangement is part of a beta rollout allowing eligible institutions and professional investors to access the stablecoin through HashKey and other supported channels. HashKey said it has already completed its first HKDAP minting and redemption transaction with eligible clients, including fiat on- and off-ramping.The companies said they plan to expand distribution over time and explore additional uses for HKDAP, including cross-border payments, settlement and tokenized finance.HKDAP, short for “HKD At Par,” is a regulated Hong Kong dollar stablecoin designed to function as tokenized money for payments and other financial transactions. Anchorpoint is a joint venture established by Standard Chartered Bank (Hong Kong), HKT and Animoca Brands, and was among the first companies to receive a stablecoin issuer license from the Hong Kong Monetary Authority.As Cointelegraph reporte...