HashKey taps Hong Kong’s first regulated stablecoin for settlements

HashKey and OneDegree will explore HKDAP for insurance premiums and cross border settlements involving Hong Kong and the Middle East.

HashKey Exchange has partnered with digital asset insurer OneDegree’s commercial insurance arm OneInfinity to expand the use of HKDAP, a regulated Hong Kong dollar backed stablecoin, across commercial insurance and cross border payments.

The partnership builds on an existing relationship between the companies, under which OneInfinity provides insurance coverage for virtual assets held by HashKey Exchange users.

HashKey, which recently became a major authorized distributor of HKDAP, will provide eligible users with compliant conversion services between the stablecoin and fiat currencies.

The companies also plan to explore using HKDAP for selected cross border payments and settlements involving AIFT Group, OneDegree’s parent company.

HashKey MENA could facilitate conversions between HKDAP, US dollars and UAE dirhams, potentially connecting insurance premium payments in Hong Kong with transactions involving the Middle East. The companies are also evaluating the use of HKDAP for commercial insurance premium payments in Hong Kong.

HashKey Exchange BG CEO Haiyang Ru said the partnership aims to expand HKDAP applications across insurance payments and cross border settlement while improving the circulation of Hong Kong dollar stablecoins.

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