Key Highlights
- HashKey joins HKDAP beta as an authorised distributor, giving eligible institutions and professional investors access to the stablecoin.
- HashKey completes its first HKDAP transaction, including minting, redemption and fiat conversion.
- OSL also joins the rollout, with plans to explore HKDAP use in tokenised funds, trade finance and cross-border payments.
HashKey Exchange has joined HKD At Par (HKDAP) Beta Access as an authorized distributor, allowing eligible institutions and professional investors to access the Hong Kong dollar-denominated stablecoin through the licensed digital-asset platform.
The partnership with Anchorpoint Financial, the Hong Kong-licensed issuer of HKDAP, announced on Wednesday, covers distribution, trading, and related services. HashKey said it has already completed its first HKDAP minting and redemption transaction with eligible clients, including fiat conversion into and out of the stablecoin.
The rollout adds another distribution channel for HKDAP as Hong Kong develops a regulated framework for stablecoin issuance and use.
The Crypto Times has reached out to HashKey Exchange for comment on the rollout and next steps for HKDAP and is awaiting a response at the time of this publication.
HashKey gives investors open access to HKDAP
HKDAP stands for “Hong Kong dollar at par” and is designed to keep its value linked to the Hong Kong dollar.
Anchorpoint began the limited rollout four months after receiving one of Hong Kong’s first two stablecoin issuer licences. The company said the first phase is mainly about showing how HKDAP can work for institutional payments and settlement. Rather than opening the stablecoin to everyone at once, Anchorpoint is starting with professional investors and institutions before adding more access channels and cross-border uses.
HashKey said it has completed its first HKDAP minting and redemption transaction with eligible clients. The transaction also included fiat on- and off-ramp services, allowing users to move between HKDAP and regular fiat currency.
The exchange will support the distribution and trading of HKDAP as Anchorpoint works to bring the stablecoin into more financial and commercial activities. HashKey said more access channels and use cases will be added as the project’s operational readiness and market demand develop.
OSL joins as another distributor
HashKey is not the only platform participating in the rollout. OSL Group, a brokerage and digital asset exchange services provider, also announced that it has become one of the first authorized distributors.
Through OSL HK, its licensed digital asset exchange in Hong Kong, eligible clients can access services for converting between fiat and HKDAP, as well as exchange, trading and settlement services.
OSL and Anchorpoint will work together on several possible uses, including tokenised funds, trade finance and cross-border payments. The companies said they expect to complete a number of use cases during the beta phase to show how HKDAP can be used for settlement and the movement of value in real-world business activities.
HKDAP moves into beta testing
Meanwhile, work between the companies had already moved beyond planning by the time of the beta launch.
In May 2026, the companies completed test transfers of HKDAP on the Ethereum mainnet. The test covered the process of putting Hong Kong dollar funds into reserve assets, minting HKDAP, transferring the token, and then redeeming it.
Hong Kong builds its stablecoin market
The rollout comes as Hong Kong develops a regulated market for stablecoins. The city’s stablecoin rules took effect on August 1, 2025, requiring issuers to obtain licences and meet rules covering capital, reserves and governance.
Stablecoins are digital assets designed to keep a steady value. According to data from CoinMarketCap (as of August 12, 2026, 14:40 UTC), the market has gained over $309 billion in value so far. Tether (USDT) remained the most widely used, with around $183 billion of the total, followed by Circle’s USDC with $72.1 billion in value.
Anchorpoint has said HKDAP could reach retail users as early as the end of 2026. For now, however, the focus remains on institutions, professional investors, and real-world financial uses as the stablecoin enters its first public beta phase.
Also Read: Chainlink Joins Hong Kong Tokenized Securities Framework Launch
