HashKey, YF Life test HKDAP stablecoin for insurance payments

HashKey Exchange has completed a live transaction using Hong Kong’s first regulated Hong Kong dollar-backed stablecoin, HKDAP, with YF Life, testing a payment route that the companies say could cut premium settlement from two to three business days to near real time. Summary HashKey and YF Life completed a live HKDAP transaction using real funds. YF Life plans to explore HKDAP payments for insurance premiums. HKDAP payments could cut settlement from two to three business days to near real time. HashKey is an authorised distributor of the regulated Hong Kong dollar stablecoin. HashKey Holdings said in a press release sent to crypto.news that its licensed trading platform used real funds to complete HKDAP subscription and redemption processes with YF Life Insurance International Limited, as the insurer prepares to explore stablecoin-based premium payments for customers. The transaction puts HKDAP into an insurance-related use case only days after the stablecoin entered its controlled rollout. HashKey is an authorised distributor for HKDAP, which is issued by Anchorpoint Financial under a stablecoin issuer licence from the Hong Kong Monetary Authority. YF Life plans to introduce HKDAP...