HashKey Expands Access to Hong Kong-Regulated Stablecoin HKDAP

Anchorpoint Financial has partnered with HashKey Exchange to distribute its Hong Kong dollar stablecoin, HKDAP. The beta distribution allows eligible institutions and professional investors access to the fiat-backed asset through various channels, including HashKey. According to Anchorpoint, this partnership is part of a larger plan to expand distribution over time and explore additional uses for HKDAP, such as cross-border payments and settlement.

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.

With this partnership, HashKey has already completed its first HKDAP minting and redemption transaction with eligible clients, including fiat on- and off-ramping. This development marks another step in the growth of the Hong Kong stablecoin market, which could potentially reach $16 billion in circulation following the introduction of the city's stablecoin licensing regime.