HKDAP Stablecoin Used in Live Insurance Payment Transaction

HashKey Exchange and YF Life Insurance International Limited have successfully completed a live transaction using the Hong Kong dollar-backed stablecoin, HKDAP. This test demonstrates how the regulated stablecoin can be used for insurance payments, reducing settlement time from two to three business days to near real-time.

The transaction involved the use of real funds and covered both subscription and redemption processes. HashKey is an authorized distributor of HKDAP, which is issued by Anchorpoint Financial under a stablecoin issuer license from the Hong Kong Monetary Authority.

YF Life plans to explore using HKDAP for insurance premium payments, subject to regulatory requirements and its implementation schedule. The company expects to work with HashKey on the payment model and wants to become one of the first insurance companies in Hong Kong to accept the regulated stablecoin for premiums.