HashKey taps Hong Kong’s first regulated stablecoin to settle insurance and trade deals
Following institutional trials, the HKD-pegged asset is being put to work to capture part of Hong Kong’s $49 billion trade corridor with the United Arab Emirates
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Summary
- HashKey Exchange will use newly launched HKDAP, Hong Kong’s first regulated Hong Kong dollar-pegged stablecoin, to settle cross-border trade with the UAE and broader Middle East and to pay commercial insurance premiums.
- HKDAP, issued by Anchorpoint Financial and currently limited to institutional users, is expected to open to retail customers by the end of 2026, positioning Hong Kong as an alternative settlement hub in Asia–Middle East trade.
- Hong Kong has granted only two stablecoin issuance licenses—one to Anchorpoint and one to HSBC—underscoring tight regulatory controls as global stablecoin markets, still dominated by U.S. dollar-pegged tokens, are forecast to grow sharply by 2030.
