HKDAP targets on-chain finance beyond payments
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- HKDAP could expand from payments into trade settlement, treasury management and tokenised assets.
- HashKey and partners have already tested HKDAP with real funds in insurance and trade finance.
- The token remains in a controlled institutional rollout under Hong Kong’s stablecoin rules.
HKDAP could move beyond payments into on-chain finance, according to HashKey senior researcher Tim Sun.
Sun said HKD stablecoins could support cross-border settlement, corporate treasury management and digital asset trading.
“From our perspective, the role of HKD stablecoins (including HKDAP) in the future will be more than just a new payment tool,” said Sun.
HashKey Exchange completed a live HKDAP transaction with YF Life Insurance International using real funds on August 14.
Unloq also used HKDAP for settlement in a Hong Kong receivables-financing transaction on August 13.
Standard Chartered Bank (Hong Kong) became HKDAP’s first bank distributor on August 24, with other distributors added later.
HKDAP remains limited to institutional distributors and professional investors, with each token backed by reserves worth at least HK$1.
