HashKey Taps Hong Kong's First Regulated Stablecoin for Settlements

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. The stablecoin exists under the Stablecoins Ordinance, which took effect August 1, 2025, creating a formal licensing regime for fiat-referenced stablecoins. Anchorpoint secured one of the first HKMA stablecoin issuer licenses in April 2026.

YF Life served as the insurance partner. HashKey said the tests showed regulated stablecoins can integrate into traditional financial workflows without requiring insurers to overhaul their systems entirely.

For HashKey, the distribution mandate goes beyond insurance. The exchange plans to expand HKDAP's applications into corporate payments and cross-border trade settlements.

The Stablecoins Ordinance requires all fiat-referenced stablecoin issuers to hold an HKMA license. Reserves must be fully backed and properly segregated, with governance standards. HashKey's existing compliance infrastructure under Securities and Futures Commission licenses made it a natural distribution channel for institutional and professional investors looking to use HKDAP.