HashKey On-Chain plans RDUSD testing on HSK Chain
HashKey On-Chain plans RDUSD testing on HSK Chain alongside RD Technologies. Anchorage Digital Bank is the named issuer, with deployment still a first step.
HashKey On-Chain has placed RDUSD on a testing plan with RD Technologies, and both company pages name Anchorage Digital Bank, N.A., as the issuer. The HashKey Digital Asset Group note, published November 2, 2026, says HSK Chain plans to support on-chain testing. RD Technologies' wire, stamped 19:00 ET on November 1, 2026, says the token will be deployed and then explored. A desk that books a live corridor, or a Hong Kong licence for the token, is ahead of those documents.
PR Newswire's copy of the HashKey note is stamped 23:47 ET on November 1, 2026. The company's own page dates the same text November 2, 2026, and says the Chinese text prevails where the languages differ. That Chinese subhead is the same plan to support testing. The pages agree on the issuer, the chain and the status.
Issuer, chain and status
Both pages describe RDUSD as a US dollar stablecoin issued by Anchorage Digital Bank, N.A. HashKey's note says RD Technologies supports the token and calls Anchorage the first federally chartered digital asset bank in the United States. The RD Technologies release calls the bank America's first federally regulated digital asset bank, and adds that RDUSD is designed to comply with the US GENIUS Act, pegged 1:1 to the dollar and subject to third-party audits. Issuance, reserves and redemption sit with Anchorage, and HashKey's footer keeps the group on the infrastructure side.
The chain is HSK Chain, an institutional-grade Ethereum Layer 2 (L2). Rachel Qiu, head of business development at HashKey Group and chief operating officer of the HashKey On-Chain business group, says on both pages that the upcoming deployment of RDUSD on HSK Chain "marks the first step in our collaboration."
Platforms still conditional
HashKey expects RDUSD on three platforms. The Trading Portal would settle tokenised real-world asset (RWA) trades. The trade-finance platform is where the token is "expected to serve" for round-the-clock clearing and smart-contract delivery versus payment (DvP) against electronic bills of lading. The Settlement Platform is an exploration of corporate payables, receivables and cash pooling. The footer says those scenes are potential directions, and that implementation depends on technical conditions, demand, the collaboration and regulatory approvals.
The chain's current book is a separate figure. The November 2 note cites more than 200 projects and on-chain RWA above US$300 million, across money market funds, exchange-traded funds and precious metals, plus an existing CeDeFi partnership with Morpho. The group's on-chain services page still shows HK$1.7 billion of HSK Chain RWA as of September 30, 2025, from HashKey.
What the executives put on record
Nathan McCauley, chief executive and co-founder of Anchorage Digital, says on the RD Technologies wire: "RD Technologies chose a federally chartered bank to issue RDUSD because dollars held at a US regulated institution are what cross-border payments and treasury teams trust." Rita Liu, chief executive of RD Technologies, says on the HashKey page that she looks forward to "the technical application of RDUSD across diverse scenarios—such as on-chain trading, settlement, and treasury management."
Morpho remains the existing CeDeFi partner, with RDUSD described as a later fit for lending, trading and settlement on HSK Chain. The desk has kept the same distance between an agreement and a live rail in Dunamu's GIWA work with MoonPay and in Settlemint's Utila memorandum. A separate note tracked Morpho as a yield venue on Robinhood Chain.
The RD Technologies release states that RDUSD "is not a stablecoin licensed by the Hong Kong Monetary Authority and has not been approved or recognized by any Hong Kong regulatory authority." Availability is limited to Professional Investors under the Securities and Futures Ordinance, Chapter 571. HashKey's disclaimer keeps licence-required activity with licensed group entities and calls these chain platforms technical infrastructure.
HashKey's note calls RD Technologies one of the first participants in the Hong Kong Monetary Authority stablecoin issuer sandbox, a firm-level fact beside the US issuer line and beside the Hong Kong licence split already mapped for other issuers. Cumulative funding on both pages is above US$90 million, with HashKey Group, ZA Global and the Solana Foundation among the investors named on the November 2 note.
A dated test window, a public deployment of RDUSD on HSK Chain, or a named reserve attestation would move the plan to an operating rail. Until one of those prints, the page still shows Qiu's first step, with supply and any test end date left unstated.
This article is informational analysis only and is not financial, investment, or trading advice. Cryptocurrencies are highly volatile and can lose substantial value rapidly. Past performance and historical patterns do not guarantee future results. Do your own research and consult a regulated financial adviser before making any investment decision.
Reporting by Karthik Subramanian. Filed 2 November 2026, 15:27 GMT.
Digital Assets Correspondent
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem.
