HashKey taps Hong Kong’s first regulated stablecoin for settlements

Insurance premium payments in Hong Kong typically take two to three business days to settle. In a live beta test that kicked off August 12, HashKey Exchange and insurer YF Life Insurance International Limited got that down to near real-time using a regulated stablecoin pegged to the Hong Kong dollar. The stablecoin in question is HKDAP, issued by Anchorpoint Financial and backed 1:1 by Hong Kong dollar reserves. HashKey, the city’s largest licensed virtual asset trading platform, has been appointed as one of its first authorized distributors, alongside OSL. What HKDAP actually does 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. That license exists thanks to the Stablecoins Ordinance, which went into effect on August 1, 2025, creating a formal licensing regime for fiat-referenced stablecoins in the city. During the beta rollout, HashKey executed live transactions covering minting, redemption, and subscription/redemption flows using actual funds. Real mone...