HashKey On-Chain’s settlement protocol, the HashKey Settlement Platform (HSP), and cross-border payment provider ONERWAY have formed a strategic partnership to connect on-chain stablecoin settlement with licensed fiat off-ramping, the companies announced on September 3 in a joint statement. The tie-up marks the first time HSP has linked up with a traditional Web2 payment institution, and the first on-chain settlement protocol adopted by ONERWAY, which holds payment licences across the UK, Europe, Hong Kong, the United States and Singapore.
Bridging On-Chain Settlement and Fiat Rails
ONERWAY serves more than 2,000 merchants globally and holds principal membership with Visa, Mastercard, UnionPay International and Discover, alongside PCI DSS Level 1 certification. HSP is built around two core modules: a Master Account that aggregates and distributes merchants’ on-chain funds, and a Settlement Protocol that defines transaction-authorisation verification standards. HashKey Group’s licensed entities provide custody and over-the-counter services, so once a stablecoin payment settles on-chain, ONERWAY merchants can convert the proceeds into local fiat through ONERWAY’s own licensed channels to pay suppliers, salaries and tax obligations.
Compliance as the Foundation
Both sides are leaning on regulated infrastructure. HashKey Group holds digital-asset service licences in Hong Kong, and HSP natively integrates on-chain anti-money-laundering controls to keep transactions auditable. ONERWAY anchors the fiat leg with licences including a UK e-money institution licence, a European payments institution licence, a Hong Kong money service operator licence, a US money services business registration and a Singapore major payment institution licence. The release noted that stablecoin adoption in cross-border payments has accelerated over the past year, with regulators in Hong Kong and the European Union progressively advancing frameworks for stablecoin issuance and payments. The announcement lands as financial institutions across Asia continue to test stablecoin settlement infrastructure for everyday payments.
Stablecoin Payments Enter Real-World Commerce
“On-chain payments inherently possess the advantages of speed, efficiency, and low cost,” said Rachel Qiu, chief operating officer of HashKey On-Chain. “Guided by effective regulatory compliance, on-chain payments will usher in widespread future adoption, especially in cross-border transactions and services.” Chris Hua, head of strategy at ONERWAY, added that the collaboration helps merchants integrate on-chain payments, digital assets and fiat “in cross-border scenarios, significantly increasing capital turnover and reducing operational costs.” The companies said HSP is expanding to more payment firms and settlement zones as stablecoin payment rails gain traction with enterprise clients.
