HashKey taps Hong Kong's first regulated stablecoin to settle insurance and trade deals

HashKey Exchange, Hong Kong's largest cryptocurrency exchange, will use HKDAP—Hong Kong's first regulated stablecoin, which debuted six days earlier—to settle cross-border trade transactions with the UAE and the wider Middle East. Trade between Hong Kong and the UAE totaled $48.95 billion in 2025, nearly double the $24 billion recorded with the rest of the Middle East. HashKey will also use the stablecoin for commercial insurance premium payouts alongside digital asset insurer OneDegree.