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FollowingHashKey and OneInfinity target practical application scenarios for HKDAP
HashKey Group announced a partnership with OneInfinity, the digital asset division of Hong Kong insurance company OneDegree, to develop practical applications for Hong Kong's regulated Hong Kong dollar stablecoin HKDAP. Under the agreement, the HashKey Exchange will provide qualified users with compliant conversions between HKDAP and fiat currencies.
The two companies plan to explore cross-border commercial payments and are studying whether HKDAP can be used for premium settlement in Hong Kong. HashKey's Middle East and North Africa (MENA) division is also within the scope of cooperation and plans to support exchanges between the HKDAP and the US dollar and United Arab Emirates dirhams.
The full name of HKDAP is "HKD At Par", and each token is pegged to the Hong Kong dollar 1:1. The token was issued by Anchorpoint Financial, one of the first licensed stablecoin issuers in Hong Kong. Its first minting and redemption cycle marks the first regulated Hong Kong dollar stablecoin on a public blockchain under the supervision of Hong Kong's Stabillecoin Ordinance. Realize circulation.
The ecosystem surrounding Hong Kong's regulated stablecoins continues to grow
HashKey's collaboration with OneInfinity further expands the network of institutions integrating HKDAP into financial workflows. Anchorpoint, led by Standard Chartered Bank, launched a beta version of HKDAP access earlier this year after obtaining a Hong Kong issuance license. The HashKey Exchange and OSL Group joined as authorized distributors, allowing institutional and professional investors to minte and redeem HKDAP tokens.
The Anchorpoint joint venture is owned by three shareholders: Standard Chartered Bank (Hong Kong), telecom operator HKT and Animoca Brands, of which Standard Chartered Bank has the largest shareholding. Currently, only institutional, corporate and professional investors can exchange between fiat currencies and HKDAP. Anchorpoint plans to expand HKDAP to retail users by the end of 2026, targeting a wider range of financial applications.
HKDAP has entered a market almost entirely dominated by US dollar tokens, with stablecoins pegged to the US dollar accounting for approximately 99% of the total value of global stablecoins. HKDAP is based on local settlement, regulated cross-border payments, and niche institutional applications, which are the areas that HashKey and OneInfinity are targeting in their partnership. The Middle East and North Africa (MENA) Corridor adds an important dimension to it, making the HKDAP a potential bridge connecting Hong Kong, the Middle East and the broader U.S. dollar economy.
