Home›Crypto›Stablecoins›HashKey starts beta distribution of HKDAP Hong Kong do…

HashKey starts beta distribution of HKDAP Hong Kong dollar stablecoin

The beta rollout follows HashKey’s completion of its first HKDAP minting and redemption transactions with eligible clients, using fiat on- and off-ramps.

Reported · Written up by our desk · Stablecoins

HashKey has been added as an authorized distributor for Anchorpoint Financial’s Hong Kong dollar stablecoin, HKDAP, as Hong Kong’s regulated stablecoin market continues to develop, Cointelegraph reports.

The companies announced that the rollout is in beta, designed to let eligible institutions and professional investors access HKDAP through HashKey and other supported channels.

HashKey said it already completed its first HKDAP minting and redemption transaction with eligible clients, including fiat on- and off-ramping, and the parties plan to expand distribution over time.

Anchorpoint, a Hong Kong-licensed stablecoin issuer, is a joint venture involving Standard Chartered Bank (Hong Kong), HKT, and Animoca Brands, and HKDAP is designed to function as a tokenized form of money for payments and other financial transactions. The companies also said they will explore additional uses for HKDAP, including cross-border payments, settlement, and tokenized finance.

More like this

Sources