HashKey Adds HKDAP as Hong Kong Stablecoin Market Develops
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Anchorpoint Financial, a licensed stablecoin issuer in Hong Kong, has added HashKey Exchange as an authorized distributor for its Hong Kong dollar stablecoin, HKDAP. This development is part of a beta rollout that allows eligible institutions and professional investors to access HKDAP through HashKey and other channels. HashKey has completed its first minting and redemption transaction of HKDAP with qualified clients, enabling fiat on- and off-ramping.
Why it matters
The arrangement could expand access to HKDAP as Hong Kong’s regulated stablecoin market develops. The companies intend to grow distribution and explore additional uses for HKDAP, such as cross-border payments, settlement, and tokenized finance, indicating increasing functional adoption of Hong Kong dollar-backed stablecoins.
Key context
HKDAP, which stands for “HKD At Par,” is a regulated stablecoin designed for payments and financial transactions, issued by Anchorpoint Financial—a joint venture of Standard Chartered Bank (Hong Kong), HKT, and Animoca Brands. Anchorpoint was among the first to receive a stablecoin issuer license from the Hong Kong Monetary Authority. The stablecoin licensing regime in Hong Kong is relatively new, and the stablecoin market for the Hong Kong dollar is in early stages, with estimates projecting circulation could reach $16 billion.
Key numbers and entities
Key entities include Anchorpoint Financial, HashKey Exchange, Standard Chartered Bank (Hong Kong), HKT, Animoca Brands, and the Hong Kong Monetary Authority. A 2025 Citi report estimates the potential circulation of Hong Kong dollar stablecoins at $16 billion. The combined transaction volume of leading US dollar-pegged stablecoins USDC and USDT was about $3.8 trillion in Q1 2025.
What remains unclear
The source notes limited reliable data on the current circulation and adoption of Hong Kong dollar-backed stablecoins, making it hard to assess the market’s exact size or growth rate. There are no other specific uncertainties highlighted.