Anchorpoint Financial, a Hong Kong-licensed stablecoin issuer, has added HashKey Exchange as an authorized distributor for its Hong Kong dollar stablecoin, HKDAP, broadening access to the fiat-backed digital asset as the city's regulated stablecoin sector begins to take shape under its new licensing framework.

The companies announced on Tuesday that the distribution arrangement is part of a beta rollout enabling eligible institutions and professional investors to obtain HKDAP through HashKey and other supported channels. HashKey confirmed it has already completed its first HKDAP minting and redemption transaction with eligible clients, including fiat on-ramp and off-ramp services. HashKey Exchange holds a Type 1 (securities dealing) and Type 7 (automated trading services) license from Hong Kong's Securities and Futures Commission, positioning it as one of the city's more established regulated crypto trading platforms.

The firms plan to gradually expand distribution and explore additional applications for HKDAP, including cross-border payments, settlement, and tokenized finance — use cases that Hong Kong regulators have actively encouraged as part of the city's broader push to develop digital asset markets.

HKDAP, which stands for "HKD At Par," is a regulated Hong Kong dollar stablecoin designed to serve as tokenized money for payments and other financial transactions. Anchorpoint is a joint venture established by Standard Chartered Bank (Hong Kong), HKT, and Animoca Brands. It was among the first companies to receive a stablecoin issuer license from the Hong Kong Monetary Authority under the Stablecoin Ordinance, which took effect on August 1, 2025 and established a formal regulatory pathway for fiat-referenced stablecoin issuers in the city.

Anchorpoint was established in April 2025, two months after Standard Chartered and Animoca announced their intention to launch a Hong Kong dollar-backed stablecoin.

Hong Kong's Stablecoin Market Develops

Hong Kong dollar-backed stablecoins could grow into a substantial market. A 2025 Citi report estimated that circulation could reach $16 billion following the introduction of the city's stablecoin licensing regime. Hong Kong's approach contrasts with regulatory frameworks in other jurisdictions: the United States has advanced stablecoin legislation through the GENIUS Act and Hong Kong's regional competitor Singapore operates under the Monetary Authority of Singapore's stablecoin framework, which was finalized in 2023.

US dollar-pegged tokens currently account for the overwhelming majority of the global stablecoin market, while synthetic stablecoins represent a smaller emerging segment. Reliable data on the circulation and adoption of Hong Kong dollar-backed stablecoins remains limited, making it difficult to determine the market's current size or growth trajectory.

Stablecoin transactions continue to surge more broadly. The combined adjusted transaction volume of USDC (USDC) and USDt (USDT) reached approximately $3.8 trillion in the first quarter of the year, according to Bernstein.