web3: HashKey Launches HKD Stablecoin for Trade and Insurance Settlements
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The first regulated Hong Kong dollar stablecoin, HKDAP, has been in operation for less than a week and is already entering real payment scenarios. HashKey Exchange will use this stablecoin to handle cross-border trade settlements with the UAE and the broader Middle East, as well as to pay commercial insurance premiums.
HKDAP Enters Payment Scenarios
According to a statement released on Monday, HashKey will collaborate with digital asset insurance firm OneDegree to use HKDAP for paying commercial insurance premiums. Previously, HashKey had tested life insurance premium payments with YF Life on August 14.
This indicates that the usage of HKDAP is transitioning from institutional pilots to more defined commercial applications. Trade settlements and insurance payments have become the first practical scenarios following the launch of this stablecoin.
Targeting UAE Trade Settlements
HashKey is focusing on cross-border settlements between Hong Kong and the UAE and the Middle East. Reports indicate that the total cross-border trade volume between Hong Kong and the UAE is projected to be $48.95 billion by 2025, nearly double the $24 billion trade volume between Hong Kong and other regions in the Middle East.
- Trade volume between Hong Kong and the UAE is $48.95 billion
- Trade volume between Hong Kong and other regions in the Middle East is $24 billion
- HKDAP launched a limited issuance on August 12
In a market dominated by USD stablecoins, if the Hong Kong dollar stablecoin can penetrate such trade flows, Hong Kong has the opportunity to strengthen its role in settlements between Asia and the Middle East.
Limited Number of Licenses
HKDAP is issued by Anchorpoint Financial and is the first Hong Kong dollar-pegged stablecoin to officially launch under the local regulatory framework. Currently, it is only open to institutional users, with retail users potentially gaining access by the end of 2026.
Anchorpoint Financial is supported by Standard Chartered, Hong Kong Telecom, and Animoca Brands. Currently, Hong Kong has only issued two stablecoin issuance licenses, with the other held by HSBC. Reports indicate that out of 36 applying institutions, only two were ultimately approved.
Additional Information: Reports suggest that HSBC plans to launch the first round of related stablecoin services for its 3.3 million PayMe users later this year.
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