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 reported, Anchorpoint was established in April 2025, two months after Standard Chartered and Animoca announced plans to launch a Hong Kong dollar-backed stablecoin.

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Hong Kong stablecoin market takes shape

Hong Kong dollar-backed stablecoins could develop into a sizable market, with a 2025 Citi report estimating that circulation could reach $16 billion following the introduction of the city’s stablecoin licensing regime.

For now, however, US dollar-pegged tokens account for the overwhelming majority of the global stablecoin market, while synthetic stablecoins represent a smaller emerging segment. Reliable data on the circulation and adoption of Hong Kong dollar-backed stablecoins remains limited, making it difficult to gauge the market’s current size or growth trajectory.

Meanwhile, stablecoin transactions continue to surge, with the combined adjusted transaction volume of USDC (USDC) and USDt (USDT) reaching roughly $3.8 trillion in the first quarter of the year, according to Bernstein. 

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