HashKey, YF Life test HKDAP stablecoin for insurance payments

The insurance use case follows HashKey's entry into HKDAP distribution this week. Anchorpoint appointed the licensed exchange as an authorised distributor during the token's beta stage on Aug. 12, giving eligible institutions and professional investors access to minting, redemption and fiat conversion services.

HashKey had already completed an HKDAP minting and redemption transaction with eligible clients before working with YF Life. That earlier transaction covered conversions from fiat into HKDAP and back, testing how customers could enter and exit the stablecoin through the licensed platform.

Anchorpoint began the phased HKDAP rollout on Aug. 12, initially opening access through institutional distributors and to professional investors. The issuer identified cross-border payments, fiat conversion, and settlement involving tokenized real-world assets as initial uses for the stablecoin during the first stage. Authorised distributors provide the link between Anchorpoint and eligible customers that need to acquire or redeem HKDAP.

HKDAP stands for HKD At Par and is designed to maintain a one-to-one value with the Hong Kong dollar. Anchorpoint has said eligible, high-quality Hong Kong dollar assets will back the stablecoin in line with requirements under the city's regulated stablecoin framework.

Access has initially been limited as Anchorpoint introduces the token through distributors and other use-case partners. Institutional and professional users can obtain HKDAP through participating channels, while the initial rollout has focused on testing transactions before access expands to additional users and applications.

Anchorpoint secured one of Hong Kong's first stablecoin issuer licences from the HKMA in April alongside HSBC, clearing it to issue HKDAP under the Stablecoins Ordinance. The licensing approval followed the ordinance taking effect on Aug. 1, 2025. Under the framework, regulated fiat-referenced stablecoins are subject to requirements covering reserve assets, redemption, asset segregation, governance and anti-money laundering controls.

Anchorpoint is backed by Standard Chartered Bank (Hong Kong), HKT and Animoca Brands. The issuer said after receiving its licence that HKDAP would be introduced in phases, with payments and settlement among the uses planned for the token.

Beyond insurance, HashKey said it plans to work with financial institutions and other industry partners on HKDAP applications involving corporate payments and cross-border trade. The company identified those areas alongside insurance as potential uses where a regulated Hong Kong dollar stablecoin could be added to existing payment processes.

For YF Life, the next step described in the announcement is the planned introduction of an HKDAP premium payment solution once applicable regulatory requirements and its own roadmap allow it.