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FollowingHashKey On-Chain and ONERWAY have reached a strategic cooperation to open up on-chain stablecoin settlement and traditional legal currency withdrawal channels.
On September 3, HashKey On-Chain's settlement agreement, HashKey Settlement Platform (HSP), and cross-border payment provider ONERWAY jointly announced the conclusion of a strategic cooperation. This cooperation aims to connect on-chain stablecoin settlement with licensed fiat withdrawal channels.
This marriage is a milestone: it is the first time that HSP has established a connection with a traditional Web2 payment institution, and it is also the first time that ONERWAY has adopted this on-chain settlement protocol. ONERWAY holds payment licenses in the UK, Europe, Hong Kong, the United States and Singapore.
Bridging Chain Settlement and Fiat Infrastructure
ONERWAY has more than 2,000 merchant customers around the world, is a major member of Visa, Mastercard, UnionPay International and Discover, and has obtained PCI DSS Level 1 certification. The HSP is built around two core modules: one is the Master Account, which is used to aggregate and allocate merchants 'on-chain funds; and the other is the Settlement Protocol, which defines transaction authorization verification standards.
With the help of custody and over-the-counter trading services provided by licensed entities under the HashKey Group, once stablecin payments are settled on-chain, ONERWAY merchants can convert the proceeds into local fiat through their licensed channels, which can be used to pay suppliers, employee salaries and fulfill tax obligations.
Compliance as a cornerstone
Both parties rely on regulated infrastructure. HashKey Group holds a digital asset service license in Hong Kong, and HSP natively integrates on-chain anti-money laundering controls to ensure that transactions are auditable. ONERWAY relies on multiple qualifications including British electronic money institution license, European payment institution license, Hong Kong money service operator license, U.S. money service enterprise registration qualification and Singapore's major payment institution license to consolidate the compliance foundation for the legal currency side.
Theannouncement pointed out that in the past year, the adoption rate of stablecoins in the field of cross-border payments has accelerated significantly, and Hong Kong and EU regulators are also gradually advancing the construction of a framework for stablecoin issuance and payment. At the same time, financial institutions across Asia continue to test stablecoin settlement infrastructure for daily payments.
stablecoin payments enter real-life business scenarios
Rachel Qiu, chief operating officer of HashKey On-Chain, said: "On-chain payments naturally have the advantages of fast speed, high efficiency and low cost. Guided by effective compliance supervision, on-chain payments will usher in a wide range of future applications, especially in the field of cross-border transactions and services."
Chris Hua, head of strategy at ONERWAY, added that this cooperation will help merchants integrate on-chain payments, digital assets and fiat businesses in cross-border scenarios, thereby significantly improving capital turnover and reducing operating costs.
The two companies said that as corporate customers continue to increase acceptance of stablecoin payment channels, HSP is expanding to more payment institutions and settlement areas.
