HashKey taps Hong Kong’s first regulated stablecoin for settlements

Insurance premium payments in Hong Kong typically take two to three business days to settle. In a live beta test that kicked off August 12, HashKey Exchange and insurer YF Life Insurance International Limited got that down to near real-time using a regulated stablecoin pegged to the Hong Kong dollar.

The stablecoin in question is HKDAP, issued by Anchorpoint Financial and backed 1:1 by Hong Kong dollar reserves. HashKey, the city’s largest licensed virtual asset trading platform, has been appointed as one of its first authorized distributors, alongside OSL.

What HKDAP actually does

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.

Anchorpoint Financial secured one of the HKMA’s first stablecoin issuer licenses in April 2026. That license exists thanks to the Stablecoins Ordinance, which went into effect on August 1, 2025, creating a formal licensing regime for fiat-referenced stablecoins in the city.

During the beta rollout, HashKey executed live transactions covering minting, redemption, and subscription/redemption flows using actual funds. Real money moved, real insurance premiums got paid, and the settlement window compressed from days to something closer to minutes.

OSL played a complementary role during the beta phase, providing liquidity and trading support.

Why insurance was the proving ground

YF Life Insurance International Limited served as the insurance partner for the beta. The successful tests demonstrated that regulated stablecoins can plug directly into traditional financial workflows without requiring insurers to overhaul their existing systems entirely.

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

Hong Kong’s regulatory chess game

The Stablecoins Ordinance created clear rules: if you want to issue a fiat-referenced stablecoin in Hong Kong, you need an HKMA license. Reserves need to be fully backed, properly segregated, and subject to governance standards. Anchorpoint’s April 2026 license was one of the first issued under this framework.

HashKey has operated under Securities and Futures Commission licenses, giving it a regulatory track record that predates this stablecoin partnership. The exchange’s existing compliance infrastructure made it a natural candidate to serve as a distribution channel for institutional and professional investors looking to use HKDAP.

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