HashKey Launches Institutional Distribution of HKDAP, a Hong Kong Dollar Stablecoin

HashKey Exchange and Anchorpoint Financial have commenced the institutional distribution of the Hong Kong dollar-pegged stablecoin, HKDAP. HashKey has completed its first issuance and redemption transactions for eligible clients. As a key recognized distributor of HKDAP, HashKey will provide distribution, trading, and related services. Eligible institutions and professional investors can access HKDAP through designated channels such as the HashKey application. HKDAP is a stablecoin issued by Anchorpoint, which has received issuance approval from the Hong Kong Monetary Authority. The reserve assets are managed under a trust structure for HKDAP holders, with assets managed separately to maintain value corresponding to the issuance volume. This collaboration marks the first step in activating the HKDAP distribution network for eligible institutions and professional investors, adopting a business-to-business-to-consumer (B2B2C) structure. Users can access the stablecoin through designated distribution channels after completing account opening and customer verification procedures. HashKey is a virtual asset trading platform licensed by the Hong Kong Securities and Futures Commission, and with the connection of exchange infrastructure to HKDAP's institutional distribution, eligible users can utilize issuance, redemption, and trading-related services through the designated application. Both companies plan to expand access channels for HKDAP and explore applications in cross-border payments, settlements, and tokenized assets.