HashKey Exchange has partnered with OneInfinity to expand use of the HKDAP stablecoin in insurance and cross-border payments. The partnership is built on a prior arrangement between the two companies, under which OneInfinity, the commercial insurance arm of digital asset insurer OneDegree, has provided insurance coverage for virtual assets held by users of HashKey Exchange. That existing relationship forms the basis for the expanded scope announced now, which shifts the focus from asset protection towards payment infrastructure built around HKDAP.
HashKey Exchange has recently become an authorised distributor of HKDAP. Under the new agreement, the exchange will offer eligible users compliant conversion services between the stablecoin and fiat currencies, positioning it as an operational bridge between digital assets and traditional payment rails in the Hong Kong market.
Cross-border settlement plans
Beyond the domestic conversion services, HashKey and OneInfinity plan to explore the use of HKDAP for selected cross-border payments and settlements involving AIFT Group, which is OneDegree’s parent company. This element of the partnership points towards using the stablecoin as a settlement instrument for transactions that extend beyond Hong Kong’s borders.
In addition, a specific corridor under consideration involves HashKey MENA, which could facilitate conversions between HKDAP, the US dollar and the UAE dirham. This would potentially link insurance premium payments processed in Hong Kong with transactions involving counterparties in the Middle East, connecting two geographically distant markets through a single stablecoin-based settlement mechanism. The companies are additionally evaluating whether HKDAP can be used directly for commercial insurance premium payments within Hong Kong.
According to Haiyang Ru, HashKey Exchange BG CEO, besides the main goal of this partnership, the improvement of the circulation of Hong Kong dollar-denominated stablecoins it’s also intended.
