Live transaction validates the full HKDAP lifecycle and marks readiness for broader market adoption.
Hong Kong, Aug. 14, 2026 — HashKey Holdings Limited (3887.HK), a leading comprehensive digital asset company in Asia, announced that its licensed trading platform, HashKey Exchange (“HashKey”), has completed a live transaction for Hong Kong’s first regulated Hong Kong Dollar-backed stablecoin HKDAP with YF Life Insurance International Limited (“YF Life”), and will continue to advance the practical application of HKDAP, Hong Kong’s first batch of regulated Hong Kong Dollar stablecoin, in insurance payment scenarios.
HashKey Exchange is one of the key authorised distributors of the inaugural Hong Kong Dollar stablecoin, HKDAP. HKDAP is issued by Anchorpoint Financial, one of Hong Kong’s first batch of licensed stablecoin issuers.
This use-case test utilized real funds to complete the subscription and redemption processes of HKDAP, laying a solid foundation for YF Life’s subsequent introduction of a regulated stablecoin payment solution. Subject to relevant regulatory requirements and in accordance with its roadmap, YF Life plans to support customers in using HKDAP to pay premiums in the future. YF Life stated that it looks forward to working closely with HashKey Exchange to explore the application of the regulated Hong Kong Dollar stablecoin HKDAP in insurance payment scenarios, with the aspiration of becoming one of the first insurance companies in Hong Kong to support insurance premium payments using the regulated Hong Kong Dollar stablecoin HKDAP.
This use case aims to enhance the premium payment experience from two major aspects:
Substantial Improvement in Settlement Efficiency: Traditional premium payments require 2 to 3 business days for settlement confirmation, whereas HKDAP on-chain payments achieve near to real-time crediting, significantly shortening processing cycles.
Flexible and Convenient Payments: Customers can subscribe to HKDAP using Hong Kong Dollars through the HashKey Exchange platform, or use an existing HKDAP balance and withdraw it to their personal wallet to pay premiums. The overall operation is simple and seamless, aligning with online payment habits.
The application verification carried out by both parties around a real-world use case represents an important milestone for the entry of regulated Hong Kong Dollar stablecoins into traditional financial service scenarios. By connecting stablecoin issuers, licensed trading platforms, and insurance institutions, HashKey Exchange further demonstrates its platform capability in bridging digital assets with traditional financial scenarios, driving the expansion of Hong Kong’s regulated Hong Kong Dollar stablecoins into more diverse financial services and real payment scenarios.
Looking ahead, HashKey Exchange will continue to deepen cooperation with financial institutions and industry partners, exploring the application of HKDAP in insurance, corporate payments, cross-border trade, and other scenarios to promote the steady and robust development of Hong Kong’s stablecoin ecosystem.
關於 HashKey Exchange
HashKey Exchange is a digital asset exchange under the listed company HashKey Holdings Limited (3887.HK), dedicated to defining new benchmarks for virtual asset exchanges in terms of compliance, fund protection, and platform security. Hash Blockchain Limited (HashKey Exchange) is among the first batch of licensed retail virtual asset exchanges in Hong Kong. It has been approved by the Securities and Futures Commission (SFC) of Hong Kong to hold licenses for Type 1 (dealing in securities) and Type 7 (providing automated trading services) regulated activities under the Securities and Futures Ordinance (SFO), as well as a license for operating a virtual asset trading platform under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, operating a compliant licensed virtual asset platform. HashKey Exchange has obtained ISO 27001 (Information Security) and ISO 27701 (Privacy Information Management) system certifications. In compliance with laws and regulations, HashKey Exchange does not provide services to users in Mainland China, the United States, and certain other jurisdictions.
About YF Life
The major indirect shareholders* of YF Life Insurance International Limited (“YF Life”) include Massachusetts Mutual Life Insurance Company (“MassMutual”), which itself has over 170 years of experience and is one of the Five Largest US Life Insurance Companies**, as well as Yunfeng Financial Holdings Limited, among others. YF Life is a long-term strategic partner of Barings. We stay at the forefront of Hong Kong’s insurance industry with our superior global investment capabilities, extensive partnership network, and fintech innovation. * MassMutual and Yunfeng Financial Holdings Limited have indirect shareholdings in YF Life. ** The “Five Largest US Life Insurance Companies” are ranked according to the results of “Insurance: Life, Health (Mutual)” and “Insurance: Life, Health (Stock)”on total revenues for 2025, and based on the FORTUNE 500 as published on June 3, 2026.