HashKey Exchange Launches Beta Program for Hong Kong's Regulated HKDAP Stablecoin Distribution
As Hong Kong's regulatory framework for stablecoins matures, HashKey Exchange has secured authorization to distribute Anchorpoint's HKDAP, broadening institutional participation in the emerging market.
HashKey Exchange has been designated as an authorized distributor for HKDAP, the Hong Kong dollar stablecoin issued by Anchorpoint Financial, a licensed stablecoin provider operating in Hong Kong. This development could broaden institutional exposure to the fiat-pegged digital asset as the regulated stablecoin ecosystem in Hong Kong continues to evolve and mature.
In an announcement made on Tuesday, the partner companies revealed that this partnership forms part of a beta launch phase that enables qualified institutions and professional investors to obtain the stablecoin via HashKey and additional approved distribution channels. According to HashKey, the platform has successfully processed its initial HKDAP minting and redemption operation with qualified clients, encompassing both fiat currency on-ramp and off-ramp services.
According to the companies, they intend to broaden distribution capabilities progressively and investigate further applications for HKDAP, such as cross-border payment solutions, settlement operations and tokenized financial services.
HKDAP, an abbreviation for "HKD At Par," represents a regulated stablecoin pegged to the Hong Kong dollar and engineered to operate as digitized currency for payment transactions and various financial operations. Anchorpoint operates as a joint venture formed by Standard Chartered Bank (Hong Kong), HKT and Animoca Brands, and secured one of the initial stablecoin issuer licenses granted by the Hong Kong Monetary Authority.
According to Cointelegraph's previous coverage, Anchorpoint was founded in April 2025, occurring two months following the announcement by Standard Chartered and Animoca regarding their intentions to introduce a stablecoin backed by the Hong Kong dollar.
Hong Kong stablecoin market takes shape
Stablecoins backed by the Hong Kong dollar have the potential to emerge as a substantial market segment, with a 2025 research report from Citi projecting that total circulation could potentially reach $16 billion in the wake of the city's implementation of its stablecoin licensing framework.
At present, nevertheless, stablecoins pegged to the US dollar continue to dominate the vast majority of the worldwide stablecoin marketplace, with synthetic stablecoins comprising a more modest but growing segment. Comprehensive data regarding the circulation volumes and adoption rates of Hong Kong dollar-pegged stablecoins remains sparse, creating challenges in accurately assessing the market's present scale or future development path.
In the broader market, stablecoin transaction activity continues its upward momentum, with the aggregate adjusted transaction volume for USDC (USDC) and USDt (USDT) totaling approximately $3.8 trillion during the first quarter of the year, based on data from Bernstein.