HashKey begins beta rollout of Hong Kong stablecoin HKDAP
HashKey has begun a beta rollout of HKDAP, a Hong Kong-dollar stablecoin from Anchorpoint, and completed its first institutional mint and redemption.
HashKey Exchange has begun a beta rollout of HKDAP, a Hong Kong-dollar stablecoin issued by Anchorpoint Financial, and completed its first mint and redemption with eligible institutional and professional clients. The initial live transaction included client fiat on- and off-ramps.
Under the beta program, eligible institutions and professional investors can mint and redeem HKDAP via HashKey’s platform and other supported channels. Anchorpoint and HashKey announced they will expand distribution over time and add additional channels beyond current partners.
Anchorpoint Financial is a joint venture formed by Standard Chartered Bank (Hong Kong), HKT and Animoca Brands. The firm received a stablecoin issuer license from the Hong Kong Monetary Authority under the city’s licensing regime and issues HKDAP, short for “HKD At Par.” HKDAP is designed as a regulated Hong Kong-dollar token to be used for payments and other financial transactions.
The rollout is limited to institutional users and professional investors rather than retail customers. HashKey is listed as an authorized distributor to provide on- and off-ramps between fiat HKD and the tokenized asset. Anchorpoint has described HKDAP for use in moving funds, settling trades and enabling token-based financial products, subject to wider distribution and regulatory checks.
Market participants have highlighted potential demand for Hong Kong-dollar stablecoins following the introduction of formal licenses. A 2025 Citi estimate projected that Hong Kong-dollar stablecoin circulation could reach about $16 billion under the new regime. For now, US dollar–pegged tokens make up the large majority of global stablecoin circulation, while local-currency and synthetic stablecoins remain smaller segments. Reliable, up-to-date data on Hong Kong-dollar stablecoin volumes is limited.
Stablecoin transaction volumes remain large. Combined adjusted transaction volume for major dollar-pegged tokens USDC and USDT reached roughly $3.8 trillion in the first quarter of the year, according to Bernstein. Anchorpoint and HashKey said the beta will collect operational experience and client feedback ahead of wider availability and further product development.
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