Anchorpoint appoints HashKey as distributor of Hong Kong dollar stablecoin HKDA

HashKey appointed as authorized distributor of Hong Kong dollar stablecoin HKDAP

Anchorpoint Financial has designated HashKey Exchange as its authorized distributor of Hong Kong dollar-backed stablecoin HKDAP. During the testing phase of the token, eligible institutional and professional investors will be able to minte, redeem and convert fiat currencies through HashKey.

Summary

HashKey has joined the HKDAP testing program as an authorized distribution partner. Eligible institutional and professional investors can obtain HKDAP through HashKey and its supported channels. HashKey has completed its first HKDAP casting and redemption transaction with eligible customers. Anchorpoint plans to test HKDAP in the areas of payments, settlement and tokenized finance.

HashKey opens HKDAP access to qualified investors

According to announcements issued by HashKey Exchange and Anchorpoint Financial, HashKey will serve as one of the authorized distributors of the stablecoin and support HKDAP distribution, trading and related services. During the testing phase, access remains limited. Eligible institutional and professional investors can obtain the token through HashKey's app and other support channels, and retail customers have not yet been included in the release. HashKey also processed its first HKDAP casting and redemption transaction with eligible customers. The transaction covers the complete process of converting fiat into HKDAP and redemption of the stablecoin into fiat, and conducts preliminary tests on the on-chain and off-chain channels of tokens.

The authorized distributor serves as the operating link between Anchorpoint (HKDAP issuer) and approved customers seeking to use or redeem the token. Under this distribution model, HashKey can leverage its existing institutional network and licensed exchange infrastructure without having to directly serve every customer.

Haiyang Ru, CEO of HashKey Exchange, said that the platform will connect issuers with financial institutions and market participants, while providing "compliant, safe and convenient market access and circulation support" to HKDAP. As demand and operational capabilities develop, the two companies plan to introduce other acquisition channels. They pointed out in the announcement that cross-border payments, settlement services and tokenized finance are areas where HKDAP may be tested.

The launch of HKDAP follows Anchorpoint's phased plan

HKDAP (full name HKD At Par) aims to become a tokenized Hong Kong dollar for financial and commercial transactions. Anchorpoint describes the stablecoin as a payment and settlement tool rather than a token created primarily for speculative trading. Anchorpoint has launched the first phase of the release of HKDAP, with access limited to institutional distributors, corporate users and professional investors. Dominic Maffei, CEO and co-founder of the company, said its current focus is on "business applications involving the use of regulated tokenized currencies in real-world environments, including payment and settlement scenarios."

The issuer adopts a B2B2C (business-to-business-consumer) structure, with distributors and application partners connecting HKDAP with potential users. Depending on market conditions, Anchorpoint may extend access to retail customers by the end of 2026. HashKey's appointment followed months of technical and regulatory preparations. During preparation, Anchorpoint partnered with OSL Group and PantherTrade to conduct testing on the Ethereum main network in May. The test covers fiat financing, issuance, transfer and redemption, and tests the full transaction cycle on public blockchain infrastructure.

According to announcements from other companies, OSL has also been identified as an authorized distributor of HKDAP. The use of multiple distributors provides approved institutions with multiple channels for minting and redemption during controlled issuance of stablecoins. Anchorpoint was co-founded by Standard Chartered Bank (Hong Kong), PCCW (HKT) and Web3 investment firm Animoca Brands. The three companies formed the joint venture in February 2025 after participating in the Hong Kong Monetary Authority's stablecoin issuance sandbox. Standard Chartered provided banking and payment infrastructure for the project, HKT provided telecom and mobile payment experience, and Animoca provided digital assets and Web3 expertise, including potential links to tokenized assets and blockchain applications.

Hong Kong stablecoin regulations regulate HKDAP distribution

Anchorpoint and HSBC obtained one of the first stablecoin issuance licenses issued by the Hong Kong Monetary Authority in April 2026. These approvals allow the two companies to issue fiat currency reference stablecoins in accordance with the stablecoin Regulations, which will take effect on August 1, 2025. Hong Kong officials expect the first batch of licensed tokens to enter circulation between mid-to the second half of 2026. The specific timetable depends on each issuer's business plan and its readiness to meet ongoing regulatory requirements.

According to Hong Kong's framework, issuers must obtain authorization from the HKMA before issuing regulated stablecoins in Hong Kong or issuing tokens pegged to the Hong Kong dollar overseas. Regulators also require licensed issuers to maintain qualified reserve assets, process redemptions at face value, and implement risk management, governance and anti-money laundering control measures. The HKDAP aims to maintain a 1:1 value pegged to the Hong Kong dollar by using highly liquid Hong Kong-denominated reserve assets. Anchorpoint said these reserves will be held separately in accordance with requirements for issuers of licensed fiat currencies with reference to stablecoins.

Under the Ordinance, only stablecoins issued by licensed companies can be made available to retail customers in Hong Kong. Authorizing agencies, licensed virtual asset trading platforms and other approved entities may provide regulated tokens subject to applicable distribution rules. Hong Kong authorities have warned users to distinguish between official HKDAP channels and unauthorized tokens. The HKMA has stated that counterfeit assets using the names of HSBC and HKDAP had appeared before any licensed issuer began to circulate. Anchorpoint responded by requiring users to rely on verified sources and regulated access channels. Previous counterfeit token warnings also stated that regulators could investigate violations, impose fines, suspend operations, or revoke the issuer's license.

HashKey's authorized status provides approved users with a defined channel to obtain HKDAP during the testing phase. The companies have not disclosed the current liquidity of the stablecoin, the value of HashKey's first transaction, or the number of customers allowed to participate in the program.

U.S. regulations restrict the automatic acquisition of foreign stablecoins

Hong Kong licenses for HKDAP and do not automatically authorize their sales or distribution in the United States. Availability in the United States depends on whether Anchorpoint and any participating platforms meet the relevant requirements set out in U.S. law for foreign-issued payment stablecoins. The GENIUS Act established a federal framework for paying stablecoins in July 2025. Under a U.S. Treasury proposal, approved issuers of payment stablecoins must fulfill their obligations under the Bank Secrecy Act and maintain effective anti-money laundering and sanctions compliance programs.

The federal implementation materials also state that foreign payment stablecoin issuers can only provide tokens in the United States if they meet the conditions applicable to the law. Anchorpoint and HashKey have not announced HKDAP distribution plans in the United States, and the testing plan described in their statement covers only qualified investors who participate through support channels. Tokens pegged to the U.S. dollar continue to control the majority of the global stablecoin market, making Hong Kong dollar products a much smaller starting base. As the first batch of products has only entered the preliminary distribution stage, reliable public data on the circulation of licensed Hong Kong dollar stablecoins is still limited.

At the same time, reports show that Tether's USDT and Circle's USDC had adjusted trading volumes of approximately US$3.8 trillion in the first quarter of 2026, indicating that these two leading U.S. dollars anchor the existing trading base of stablecoins.