Anchorpoint Financial has appointed HashKey Exchange as an authorized distributor for its Hong Kong dollar-backed stablecoin HKDAP, giving eligible institutions and professional investors access to minting, redemption, and fiat conversion during the token’s beta rollout.
Summary
- HashKey has joined HKDAP Beta Access as an authorized distribution partner.
- Eligible institutions and professional investors can access HKDAP through HashKey and supported channels.
- HashKey has completed its first HKDAP minting and redemption transaction with eligible clients.
- Anchorpoint plans to test HKDAP in payments, settlement, and tokenized finance.
HashKey opens HKDAP access to eligible investors
According to an Aug. 12 announcement from HashKey Exchange and Anchorpoint Financial, HashKey will support the distribution, trading, and related services for HKDAP as one of the stablecoin’s authorized distributors.
Access remains limited during the beta stage. Eligible institutions and professional investors can obtain the token through HashKey’s app and other supported channels, while retail customers have not yet been included in the rollout.
HashKey has also processed its first HKDAP minting and redemption transaction with eligible clients. The completed transaction covered the conversion of fiat currency into HKDAP and the redemption of the stablecoin back into fiat, providing an initial test of the token’s on- and off-ramp process.
Authorized distributors serve as an operational link between Anchorpoint, which issues HKDAP, and approved customers seeking to use or redeem it. Under the distribution model, HashKey can use its existing institutional network and licensed exchange infrastructure instead of Anchorpoint serving every client directly.
Haiyang Ru, CEO of HashKey Exchange, said the platform would connect the issuer with financial institutions and market participants while providing “compliant, secure, and convenient market access and circulation support for HKDAP.”
As demand and operational capacity develop, both companies plan to introduce other access channels. Their announcement identified cross-border payments, settlement services, and tokenized finance as areas where HKDAP could be tested.
HKDAP rollout follows Anchorpoint’s phased launch
HKDAP, short for HKD At Par, is designed as tokenized Hong Kong dollar money for financial and commercial transactions. Anchorpoint describes the stablecoin as a payment and settlement instrument rather than a token created primarily for speculative trading.
Anchorpoint began the first stage of the HKDAP rollout with access limited to institutional distributors, corporate users, and professional investors. Dominic Maffei, the company’s CEO and co-founder, said its immediate focus was on commercial applications involving “regulated tokenised money in real-world settings, including payments and settlement use cases.”
The issuer is using a business-to-business-to-consumer structure under which distributors and application partners connect HKDAP with potential users. Reuters reported on Aug. 12 that Anchorpoint could extend access to retail customers by the end of 2026, depending on market conditions.
HashKey’s appointment follows months of technical and regulatory preparation. On Aug. 3, crypto.news reported on Anchorpoint’s rollout after the project moved past its earlier second-quarter and end-of-July schedules.
During those preparations, Anchorpoint worked with OSL Group and PantherTrade on an Ethereum mainnet test in May. The trial covered fiat funding, issuance, transfer, and redemption, testing a complete transaction cycle on public blockchain infrastructure.
OSL has also been identified as an authorized HKDAP distributor, according to separate company announcements. The use of multiple distributors gives approved institutions more than one channel for minting and redeeming the stablecoin during its controlled release.
Anchorpoint was created by Standard Chartered Bank (Hong Kong), telecommunications company HKT, and Web3 investment firm Animoca Brands. The three companies established the joint venture in February 2025 after taking part in the Hong Kong Monetary Authority’s stablecoin issuer sandbox.
Standard Chartered contributes banking and payment infrastructure to the project, while HKT brings telecommunications and mobile-payment experience. Animoca provides digital-asset and Web3 expertise, including potential links to tokenized assets and blockchain applications.
Hong Kong stablecoin rules govern HKDAP distribution
Anchorpoint received one of Hong Kong’s first stablecoin issuer licenses from the HKMA in April 2026, alongside HSBC. The approvals allowed both companies to issue fiat-referenced stablecoins under the Stablecoins Ordinance, which took effect on Aug. 1, 2025.
As previously covered by crypto.news, Hong Kong officials expected the first licensed tokens to enter circulation between the middle and second half of 2026. The timetable depended on each issuer’s business plan and readiness to meet continuing regulatory requirements.
Under the city’s framework, an issuer must obtain HKMA authorization to issue a covered stablecoin in Hong Kong or a token tied to the Hong Kong dollar outside the territory. The regulator also requires licensed issuers to maintain eligible reserve assets, process redemptions at par, and operate risk-management, governance and anti-money laundering controls.
HKDAP is intended to maintain a one-to-one value against the Hong Kong dollar using liquid Hong Kong dollar-denominated reserve assets. Anchorpoint has said those reserves will be held separately in line with the requirements applied to licensed fiat-referenced stablecoin issuers.
Only stablecoins issued by licensed firms can be offered to retail customers in Hong Kong under the ordinance. Authorized institutions, licensed virtual-asset trading platforms, and other approved entities may offer covered tokens, subject to the applicable distribution rules.
Hong Kong authorities have already warned users to distinguish official HKDAP channels from unauthorized tokens. In April, the HKMA said counterfeit assets using the names of HSBC and HKDAP had appeared before either licensed issuer began circulation.
Anchorpoint responded by asking users to rely on verified sources and regulated acquisition channels. The earlier counterfeit token warning also noted that the regulator can investigate misconduct, impose fines, suspend operations, or revoke an issuer’s license for regulatory failures.
HashKey’s authorized status gives approved users an identified channel for accessing HKDAP during the beta stage. The companies have not disclosed the stablecoin’s current circulation, the value of HashKey’s first transaction, or the number of clients admitted to the program.
U.S. rules limit automatic access to foreign stablecoins
HKDAP’s Hong Kong license does not automatically authorize its sale or distribution in the United States. American access would depend on whether Anchorpoint and any participating platform meet the requirements governing foreign-issued payment stablecoins under U.S. law.
The GENIUS Act created a federal framework for payment stablecoins in July 2025. According to an April 2026 U.S. Treasury proposal, permitted payment stablecoin issuers must meet Bank Secrecy Act obligations and maintain effective anti-money laundering and sanctions compliance programs.
Federal implementation materials also state that foreign payment stablecoin issuers may offer tokens in the United States only when they satisfy the law’s applicable conditions. Anchorpoint and HashKey have not announced U.S. distribution for HKDAP, and the beta program described in their statement covers eligible investors using supported channels.
Dollar-linked tokens continue to control most of the global stablecoin market, leaving Hong Kong dollar products with a much smaller starting base. Reliable public figures for licensed HKD stablecoin circulation remain limited because the first products have only entered their initial distribution phases.
Citi estimated in a 2025 report that stablecoins circulating through Hong Kong platforms could eventually reach about $16 billion, or HK$124.8 billion, although the bank attached a range of roughly $8 billion around its estimate. The projection was based partly on the experience of payment institutions in mainland China rather than established HKDAP circulation data.
Meanwhile, Bernstein reported that adjusted transaction volume for Tether’s USDT and Circle’s USDC reached about $3.8 trillion during the first quarter of 2026, illustrating the transaction base already held by the two leading U.S. dollar-pegged stablecoins.
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