HashKey On-Chain Ties Up With ONERWAY for Stablecoin to Fiat Off-Ramping
HashKey On-Chain and cross-border payment provider ONERWAY have partnered to link on-chain stablecoin settlement to licensed fiat off-ramping. This marks the first time HashKey's Settlement Platform (HSP) has connected with a traditional Web2 payment institution, and the first on-chain settlement protocol adopted by ONERWAY.
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. Once a stablecoin payment settles on-chain, ONERWAY merchants can convert the proceeds into local fiat through their own licensed channels to pay suppliers, salaries, and tax obligations.
The partnership leans heavily on regulated infrastructure, with both companies relying on licensed entities for custody and over-the-counter services. HashKey Group holds digital-asset service licences in Hong Kong, while ONERWAY anchors the fiat leg with licences including a UK e-money institution licence, a European payments institution licence, and more.