What to know:
- HashKey joins HKDAP Beta Access, opening the stablecoin to institutions and investors.
- The exchange completes its first HKDAP minting, redemption, and fiat conversion deal.
- OSL and Anchorpoint will test HKDAP for trade finance and cross-border payments in beta.
HashKey Exchange has joined HKD At Par (HKDAP) Beta Access as an authorized distributor. The move gives eligible institutions and professional investors access to the Hong Kong dollar stablecoin. The exchange announced the partnership on Wednesday.
Anchorpoint Financial issued HKDAP under a Hong Kong stablecoin license. Its agreement with HashKey covers distribution, trading, and related services. The licensed digital asset platform has also completed its first minting and redemption transaction with eligible clients during the initial beta.
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How HashKey Supports HKDAP’s Hong Kong Beta
This deal comprised fiat on- and off-ramp services for verified users, which enables them to exchange their regular currency for HKDAP and then reclaim it. Anchorpoint designed the token to keep its value linked to the local Hong Kong dollar.
HashKey will support the trading of HKDAP when Anchorpoint grows the number of its applications in finance and business.
The company expects to provide additional means of accessing it once it becomes more ready operationally. Any expansion will depend on market demand amid the pilot launch in Hong Kong.
The beta testing began four months after Anchorpoint obtained one of the first two issuing licenses in Hong Kong. This initial stage will be aimed at professional traders and institutions who will serve as proof that HKDAP can be used for institutional payments and settlements.
Besides HashKey, another authorized distributor of the stablecoin is OSL Group, which operates OSL HK, an authorized digital asset exchange in Hong Kong. Eligible clients will be able to utilize the service for fiat exchange, exchange, trade, and settlement amid the beta testing period.
Why OSL and Anchorpoint Are Testing HKDAP
OSL and Anchorpoint will examine several business applications during the program. Their planned areas include tokenized funds, trade finance, and cross-border payments. The companies expect to complete use cases that show how HKDAP can move value in real commercial activities.
The same work will test the token’s role in business settlement. OSL will provide the exchange and conversion services needed by qualifying clients. Anchorpoint will manage issuance as the partners assess practical applications throughout the controlled beta phase in Hong Kong.
The HKDAP test transfers were completed on the Ethereum mainnet in May 2026 between OSL and Anchorpoint. It started with the funds deposited to reserve assets denominated in Hong Kong dollars. Afterward, the trial considered the token minting, transfer, and redemption through a single process.
What Hong Kong’s Stablecoin Rules Mean for HKDAP
With HashKey, HKDAP is now available on a licensed platform for institutional and professional investors. This allows Anchorpoint to launch additional distribution channels and applications across borders in accordance with the market demand as the project progresses.
Hong Kong’s regulation of stablecoins became effective on August 1, 2025. It implies the need for licensing and compliance with requirements related to capital and reserve holdings and governance. Later, Anchorpoint obtained permission to launch HKDAP under this regulatory system for local stablecoins.
HashKey and other HKDAP distributors will cater to institutional and professional clients. The retail availability has been expected to be launched in late 2026. Until then, the public beta will concentrate on the licensed distribution and practical applications for HKDAP locally.
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