HKDAP stablecoin to be utilized in UAE with Hashkey MENA

HashKey Holdings Limited (3887.HK), an Asian digital asset group, through its licensed digital asset trading platform HashKey Exchange which is regulated both in Hong Kong as well as in the UAE under HashKey MENA, has partnered with digital asset insurer OneDegree, the commercial digital asset insurance arm of OneInfinity, also regulated in the UAE to expand the applications for the HKDAP stablecoin.

As per the announcement, HashKey Exchange will provide compliant conversion services between HKDAP and fiat currencies for eligible users. Building on the technology services operational needs of AIFT Group (parent company of OneDegree), the two partners also plan to explore the use of HKDAP for selected cross-border business payment and settlement scenarios.

The company also notes that HashKey MENA can facilitate conversions between Hong Kong Dollar (HKDAP), US Dollar (USD), and United Arab Emirates Dirham (AED), connecting local commercial insurance premium payments in Hong Kong with cross-border transactions involving the Middle East.

Haiyang Ru, CEO of HashKey Exchange BG, stated,“ Backed by HashKey Exchange’s liquidity assurance and compliant exchange capabilities, both companies will continue to enrich the real-world use cases for HKD stablecoins and enhance the circulation efficiency of digital assets.”

The total cross-border trade transactions between Hong Kong and the UAE were $48.95 billion in 2025, almost double the $24 billion Hong Kong recorded with the rest of the Middle East.

This comes one week after HashKey Exchange and Anchorpoint Financial Limited a Hong Kong-licensed stablecoin issuer, announced that HashKey has joined HKDAP (“HKD At Par”) Beta Access as a key authorized distributor. HashKey would support access to HKDAP (“HKD At Par”), participating in its distribution, trading and related service support as Anchorpoint expands participation in the regulated HKD stablecoin ecosystem.

One degree is offering its digital asset insurance services both in the UAE and Saudi Arabia.