HashKey Named HKDAP Distributor as Hong Kong Stablecoin Beta Opens

The issuer received one of Hong Kong’s first stablecoin issuer licenses from the HKMA in April 2026, alongside HSBC. The approvals allowed both companies to issue fiat-referenced stablecoins under the Stablecoins Ordinance, which took effect Aug. 1, 2025. Under the framework, an issuer must obtain HKMA authorization to issue a covered stablecoin in Hong Kong or a token tied to the Hong Kong dollar outside the territory. The regulator also requires licensed issuers to maintain eligible reserve assets, process redemptions at par, and operate risk-management, governance, and anti-money laundering controls.

HKDAP is intended to maintain a one-to-one value against the Hong Kong dollar using liquid Hong Kong dollar-denominated reserve assets. Anchorpoint has said those reserves will be held separately in line with the requirements applied to licensed fiat-referenced stablecoin issuers.

Hong Kong authorities have already warned users to distinguish official HKDAP channels from unauthorized tokens. In April, the HKMA said counterfeit assets using the names of HSBC and HKDAP had appeared before either licensed issuer began circulation. Anchorpoint responded by asking users to rely on verified sources and regulated acquisition channels.

HashKey’s appointment follows months of preparation. In May, Anchorpoint worked with OSL Group and PantherTrade on an Ethereum mainnet test covering fiat funding, issuance, transfer, and redemption. OSL has also been identified as an authorized HKDAP distributor, giving approved institutions more than one channel for minting and redeeming the stablecoin during its controlled release.

Dollar-linked tokens still dominate the global stablecoin market, leaving Hong Kong dollar products with a much smaller starting base. Citi estimated in a 2025 report that stablecoins circulating through Hong Kong platforms could eventually reach about $16 billion, or HK$124.8 billion, although the bank attached a range of roughly $8 billion around its estimate. The projection was based partly on the experience of payment institutions in mainland China rather than established HKDAP circulation data. Bernstein reported that adjusted transaction volume for Tether’s USDT and Circle’s USDC reached about $3.8 trillion during the first quarter of 2026, illustrating the transaction base already held by the two leading U.S. dollar-pegged stablecoins.

HKDAP’s Hong Kong license does not automatically authorize its sale or distribution in the United States. The GENIUS Act created a federal framework for payment stablecoins in July 2025. According to an April 2026 U.S. Treasury proposal, permitted payment stablecoin issuers must meet Bank Secrecy Act obligations and maintain effective anti-money laundering and sanctions compliance programs. Federal implementation materials also state that foreign payment stablecoin issuers may offer tokens in the United States only when they satisfy the law’s applicable conditions. Anchorpoint and HashKey have not announced U.S. distribution for HKDAP, and the beta program described in their statement covers eligible investors using supported channels.

The companies have not disclosed the stablecoin’s current circulation, the value of HashKey’s first transaction, or the number of clients admitted to the program. The first licensed tokens were expected to enter circulation between the middle and second half of 2026, according to Hong Kong officials, with each issuer’s timetable depending on its business plan and readiness to meet continuing regulatory requirements.