HashKey partners with OneDegree's OneInfinity to expand Hong Kong dollar stablecoin use

HashKey and OneInfinity Target Real-World HKDAP Use Cases

@HashKeyGroup has announced a partnership with OneInfinity, the digital asset arm of Hong Kong insurer OneDegree, to develop practical applications for HKDAP, the city's regulated Hong Kong dollar stablecoin. Under the agreement, HashKey Exchange will provide compliant conversion between HKDAP and fiat currencies for eligible users.

The two firms plan to explore cross-border business payments and are studying whether HKDAP can be used for insurance premium settlement in Hong Kong. HashKey's MENA unit is also in scope, with plans to support exchange between HKDAP and both the US dollar and UAE dirham.

HKDAP, which stands for "HKD At Par," pegs each token one-to-one to the Hong Kong dollar. Anchorpoint Financial, one of the first two licensed stablecoin issuers in Hong Kong, issued the token, and its first minting and redemption cycle marked the first circulation of a regulated HKD stablecoin under Hong Kong's Stablecoins Ordinance on a live public blockchain.

A Growing Ecosystem Around Hong Kong's Regulated Stablecoin

The HashKey-OneInfinity tie-up adds to a broadening network of institutions moving to integrate HKDAP into financial workflows. Standard Chartered-led Anchorpoint launched beta access for HKDAP following its Hong Kong issuer licence secured earlier this year, with HashKey Exchange and OSL Group joining as authorised distributors, enabling institutional and professional investors to mint and redeem HKDAP tokens.

Three companies own the Anchorpoint venture: Standard Chartered Bank (Hong Kong), telecom operator HKT, and Animoca Brands, with Standard Chartered holding the largest stake. For now, only institutions, corporates, and professional investors can convert between fiat and HKDAP. Anchorpoint plans to expand HKDAP to retail users by late 2026, targeting broader financial applications.

HKDAP enters a market that dollar tokens dominate almost entirely, with USD-pegged stablecoins accounting for roughly 99% of global stablecoin value. Its case rests on local settlement, regulated cross-border payments, and niche institutional use, exactly the areas the HashKey-OneInfinity partnership is targeting. The MENA corridor adds a notable dimension, positioning HKDAP as a potential bridge between Hong Kong, the Middle East, and the broader dollar economy.

Sources:
CoinDesk: Standard Chartered-led Anchorpoint launches Hong Kong dollar stablecoin
PR Newswire: Anchorpoint and HashKey Exchange Partner on HKDAP Beta Access
TechTimes: Hong Kong Dollar Stablecoin HKDAP Goes Live on Ethereum