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 venture backed by Standard Chartered, HKT and Animoca Brands, began a limited rollout of its stablecoin solely for institutional use on Aug. 12. Retail access could come by the end of 2026.
