HashKey Exchange has joined the HKD At Par (HKDAP) Beta Access program as an authorized distributor, granting eligible institutions and professional investors access to Hong Kong's regulated dollar stablecoin. The exchange announced the partnership on Wednesday.

Anchorpoint Financial issued HKDAP under a Hong Kong stablecoin license. The agreement with HashKey covers distribution, trading, and related services. The licensed digital asset platform has also completed its first minting and redemption transaction with eligible clients during the initial beta phase.

HashKey's Role in the HKDAP Beta

The partnership includes fiat on- and off-ramp services for verified users, enabling them to exchange regular currency for HKDAP and redeem it. Anchorpoint designed the token to maintain its value pegged to the Hong Kong dollar, which itself is linked to the US dollar through a established trading band of 7.75 to 7.85 — providing a familiar stability reference for institutional participants accustomed to USD-pegged stablecoins.

🤝 HashKey Exchange and Anchorpoint Partner on HKDAP Beta Access. HashKey Exchange joins as a key authorised distributor to support the ecosystem development and wider adoption of HKDAP, the first regulated Hong Kong dollar stablecoin. Eligible institutions and professional… pic.twitter.com/1FJsxwdhE8 — HashKey Exchange (@HashKeyExchange) August 12, 2026

HashKey will support HKDAP trading as Anchorpoint expands the token's applications across finance and business use cases. The company expects to offer additional access channels as operational readiness improves. Any expansion will depend on market demand during the pilot launch in Hong Kong.

The beta testing commenced four months after Anchorpoint obtained one of the first two stablecoin issuing licenses in Hong Kong. This initial stage targets professional traders and institutions, serving as validation that HKDAP can be used for institutional payments and settlements.

Alongside HashKey, OSL Group — which operates OSL HK, an authorized digital asset exchange in Hong Kong — serves as another authorized distributor. Eligible clients can utilize the service for fiat exchange, trading, and settlement during the beta testing period.

OSL and Anchorpoint's HKDAP Business Applications

OSL and Anchorpoint are evaluating several business applications during the program. Planned areas include tokenized funds, trade finance, and cross-border payments. The companies aim to complete use cases demonstrating how HKDAP can transfer value in real commercial activities.

OSL will provide exchange and conversion services for qualifying clients, while Anchorpoint manages issuance as the partners assess practical applications throughout the controlled beta phase in Hong Kong.

The HKDAP test transfers were completed on the Ethereum mainnet in May 2026 between OSL and Anchorpoint. The trial began with funds deposited into reserve assets denominated in Hong Kong dollars, followed by testing of token minting, transfer, and redemption through a single process.

Hong Kong's Stablecoin Regulatory Framework

With HashKey on board, HKDAP is now available on a licensed platform for institutional and professional investors. This enables Anchorpoint to establish additional distribution channels and cross-border applications in line with market demand as the project progresses.

Hong Kong's stablecoin regulation took effect on August 1, 2025, requiring licensing and compliance with capital, reserve holding, and governance requirements. Anchorpoint subsequently obtained permission to launch HKDAP under this regulatory framework for local stablecoins. The licensing regime is part of Hong Kong's broader push to position itself as a digital asset hub, competing with jurisdictions including Singapore and the United Arab Emirates that have advanced their own tokenization and stablecoin initiatives.

HashKey and other HKDAP distributors will continue serving institutional and professional clients. Retail availability is expected to launch in late 2026. Until then, the public beta will focus on licensed distribution and practical HKDAP applications within Hong Kong.