HashKey Exchange plans to use the Hong Kong dollar stablecoin HKDAP to settle cross-border trade transactions with the UAE and the broader Middle East, while also using the token for commercial insurance premium payments through digital asset insurer OneDegree. The move extends HKDAP beyond its limited institutional rollout on Aug. 12 and follows an earlier life insurance premium payment test with YF Life on Aug. 14, making it an early real-world payments use case under Hong Kong's new stablecoin regime. Trade between Hong Kong and the UAE reached $48.95 billion in 2025, nearly double Hong Kong's roughly $24 billion trade with the rest of the Middle East, giving the corridor scale for a regulated Hong Kong dollar settlement instrument. HKDAP is issued by Anchorpoint Financial, a venture backed by Standard Chartered, HKT and Animoca Brands, and retail access could come by the end of 2026. The push comes as Hong Kong tries to build a local-currency stablecoin market in an industry still dominated by dollar-pegged tokens, with Citigroup forecasting the global sector could expand to $1.9 trillion in a base case and $4 trillion in a bull case by 2030.