HashKey Holdings Limited (3887.HK) said on August 13 in Hong Kong that its licensed trading platform, HashKey Exchange, has completed Hong Kong’s first live transaction involving the regulated Hong Kong dollar stablecoin HKDAP with YF Life Insurance International Limited. The companies said they will continue to work on practical insurance payment applications for HKDAP, one of the first regulated Hong Kong dollar stablecoins in the market.
HashKey Exchange is listed as one of the main approved distributors of HKDAP. The stablecoin is issued by RD InnoTech Limited, which the announcement described as one of Hong Kong’s first licensed stablecoin issuers.
Test covered live subscription and redemption with real funds
The use-case test involved real money and completed both the subscription and redemption process for HKDAP. According to the announcement, that process laid a foundation for YF Life’s later introduction of a regulated stablecoin payment option.
Subject to relevant regulatory requirements, YF Life plans to support customers paying insurance premiums with HKDAP in the future. The insurer said it wants to explore insurance payment applications for the regulated Hong Kong dollar stablecoin together with HashKey Exchange and aims to become one of the first insurance companies in Hong Kong to support premium payments in HKDAP.
Two areas of focus: settlement speed and payment flexibility
The companies said the use case was designed to verify improvements in the premium payment experience from two angles.
- Settlement speed: traditional premium payments usually require two to three business days for settlement confirmation, while HKDAP on-chain payments can arrive almost in real time, cutting the processing cycle sharply.
- Payment flexibility: customers can subscribe to HKDAP with Hong Kong dollars through the HashKey Exchange platform, or use an existing HKDAP balance and withdraw it to a user wallet before paying premiums. The companies said the full process is straightforward and aligns with online payment habits.
Testing a regulated stablecoin in a traditional financial service setting
The announcement described the live use-case validation as a practical example of a regulated Hong Kong dollar stablecoin entering a traditional financial services setting. By connecting the stablecoin issuer, a licensed trading platform and an insurance institution, HashKey Exchange said it is extending its platform role between digital assets and traditional finance and helping regulated Hong Kong dollar stablecoins move into a broader set of financial services and real payment scenarios.
HashKey Exchange said it will continue to work with financial institutions and industry partners to explore HKDAP use cases in insurance, corporate payments and cross-border trade, with the stated goal of supporting the steady development of Hong Kong’s stablecoin ecosystem.
About HashKey Exchange
HashKey Exchange is a digital asset exchange under listed company HashKey Holdings Limited (3887.HK). Its operating entity is Hash Blockchain Limited. The company said it is focused on compliance, fund protection and platform security in the operation of a virtual asset trading platform.
According to the announcement, HashKey Exchange is among Hong Kong’s first licensed retail virtual asset exchanges. It has received approval from the Securities and Futures Commission of Hong Kong and holds Type 1 (dealing in securities) and Type 7 (providing automated trading services) licenses under the Securities and Futures Ordinance, as well as a virtual asset trading platform license under the Anti-Money Laundering Ordinance.
The exchange also said it has obtained ISO 27001 certification for information security and ISO 27701 certification for privacy information management. It does not provide services to users in mainland China, the United States and certain other jurisdictions.
About YF Life
YF Life Insurance International Limited said its main indirect shareholders include Massachusetts Mutual Life Insurance Company, which it described as having a history of more than 170 years and being one of the five largest life insurers in the United States, as well as Yunfeng Financial Group Limited and others.
The company also said YF Life and Barings are long-term strategic partners, and said it draws on global investment capabilities, a broad partner network and fintech innovation in its business.
In a note, YF Life said Massachusetts Mutual Life Insurance Company and Yunfeng Financial Group Limited indirectly hold shares in YF Life. It added that the reference to the "top five U.S. life insurers" was based on a combined calculation using the 2025 revenue rankings for mutual life insurers and listed stock life insurers published in the June 3, 2026 edition of the FORTUNE 500.