HashKey taps Hong Kong's first regulated stablecoin to settle insurance and trade deals

FinanceHashKey taps Hong Kong's first regulated stablecoin to settle insurance and trade dealsFollowing 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 EmiratesBy Olivier Acuna|Edited by Jamie Crawley56 min ago2 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowHashKey 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.Hong Kong’s newest regulated stablecoin is already being put to work.HashKey Exchange, Hong Kong's largest cryptocurrency exchange, is set to settle cross-border trade transactions with the UAE and the wider Middle East region using HKDAP following the stablecoin's debut six days ago.The total cross-border trade transactions between Hong Kong and the UAE were $48.95 billion for all of 2025, almost double the $24 billion Hong Kong recorded with the rest of the Middle East.The exchange will also use HDKAP for commercial insurance premium payouts alongside digital asset insurer OneDegree, according to a statement on Monday. HashKey previously tested HKDAP for life insurance premium payments with insurer YF Life on Aug. 14.HKDAP is the first Hong Kong dollar-pegged stablecoin to go live under the city's regulatory framework.HKDAP's issuer Anchorpoint Financial, a v…

HashKey taps Hong Kong's first regulated stablecoin to settle insurance and trade deals

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