HashKey On-Chain's settlement protocol, HSP, and cross-border payment service provider ONERWAY have announced a strategic partnership. ONERWAY is a traditional Web2 payment institution holding multiple licenses across the UK, Europe, Hong Kong, the US, and Singapore. It is currently serving over 2,000 merchants globally and possessing deep compliance infrastructure in cross-border acquiring and fiat liquidation. This partnership marks the first time HSP has strategically connected with a Web2 payment institution, and HSP is also the first Web3 on-chain settlement protocol introduced by ONERWAY. Together, they establish a seamless channel that connects digital currency settlement with fiat off-ramping capabilities for enterprise clients.

This partnership introduces the first Web3 digital currency settlement protocol to ONERWAY that provides merchants with new choices for digital currency settlement while retaining its fiat settlement advantages—backed by its multiple payment licenses, including UK EMI, European PI, Hong Kong MSO, US MSB, and Singapore MPI, as well as principal membership qualifications with major credit cards such as Visa, Mastercard, UnionPay International, and Discover, and PCI DSS Level 1 security certification. For HSP, ONERWAY is the first traditional Web2 payment partner. Through strategic integration with a licensed payment institution, HSP extends its on-chain settlement capabilities to ONERWAY's existing network of over 2,000 merchants spanning multiple vertical sectors including cross-border e-commerce, gaming and entertainment, digital content subscriptions, and SaaS, achieving a shift from the protocol layer to real-world commercial scenarios.

The "Core Capabilities" of Cross-Border Settlement

Problems in cross-border payments have persisted for a long time such as long settlement cycles, exchange losses, and complex multi-currency accounting. For cross-border e-commerce and digital service enterprises, these issues directly impact operational efficiency and cash flow turnover.

Stablecoins offer a potential path to a solution—on-chain settlement is near-real-time while cross-border flows require few to no intermediaries, and exchange rate risks can be controlled through lock-up mechanisms. However, the issue for most merchants is how to convert funds into local fiat currency that can be used to pay suppliers, employee salaries, or meet tax compliance requirements after receiving stablecoins. There is a strong need to improve the utilization of on-chain assets and capital efficiency.

This partnership aims to provide a blockchain bridge. HSP is driven by two core modules: the Master Account, which handles intelligent aggregation and distribution of merchants' on-chain funds, and the Settlement Protocol, which provides the foundation for transaction authorization verification standards to ensure that every transaction is auditable. HashKey Group's licensed entities provide custody and OTC services, utilizing the HSP protocol as the technical pathway to connect with ONERWAY's licensed fiat channels. After completing on-chain stablecoin settlement, ONERWAY merchants can leverage its own licensed fiat channels and the technical circulation path with HSP to convert the funds into local fiat currency, which can be used to pay suppliers or distribute employee salaries, while also facilitating merchants in meeting their own tax reporting requirements.

Compliance as pillar to Accelerate the Adoption of Stablecoin Payments

Licensed entities under HashKey Group hold relevant digital asset service licenses in Hong Kong and are among the few institutions in Asia capable of providing digital asset services within a complete regulatory framework. The HSP settlement protocol natively integrates on-chain AML mechanisms to ensure transactions are secure and auditable. Meanwhile, ONERWAY's multi-jurisdictional licensing ensures the compliant operation of fiat channels across major markets. Both companies support the large-scale adoption of stablecoin payments with compliant infrastructure.

Over the past year, the practical adoption of stablecoins in cross-border payment has accelerated. Major markets such as Hong Kong and the European Union have progressively advanced regulatory frameworks for stablecoin issuance and payments, while enterprise clients' acceptance of on-chain settlement has steadily risen, particularly concentrated in cross-border business scenarios with high settlement costs and cash flow pressure. At the same time, the commercialization of AI Agents is presenting new demands for payment infrastructure, where stablecoins and on-chain settlement protocols hold inherent advantages over traditional banking systems in programmable payment scenarios.

Currently, HSP is expanding collaborations with more payment companies, corporates and financial institutions, dedicated to extending HSP's settlement capabilities to additional settlement zones and providing global enterprise clients with broader on-chain payment landing channels.

"On-chain payments inherently possess the advantages of speed, efficiency, and low cost. Guided by effective regulatory compliance, on-chain payments will usher in widespread future adoption, especially in cross-border transactions and services. As a leader in the development of the on-chain payment industry, the HSP protocol and functions we launched not only fully support on-chain settlement, but also support technical integration with traditional payment systems. This advantage has been fully demonstrated in our cooperation with ONERWAY. We hope that HashKey On-Chain's HSP and the growth model built in cooperation with ONERWAY will enable more payment ecosystem partners to see the possibilities of future payment settlement and expand the space for future multi-modal payments."