HashKey Reviews Payment Utilization of OneDegree and HKDAP
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HashKey Exchange is pushing to expand the payment utilization of OneDegree and the Hong Kong dollar-pegged stablecoin HKDAP. The areas under review include commercial insurance premium payments in Hong Kong and cross-border payments in the Middle East. HashKey Exchange, a subsidiary of HashKey Holdings, plans to collaborate with OneDegree's digital asset insurance brand, OneInfinity, to expand the stablecoin ecosystem. HKDAP provides regulatory-compliant exchange services with fiat currency to eligible users and is exploring cross-border receipt and payment solutions in conjunction with the technology business demands of OneDegree's parent company, AIFT Group. In the Middle East, a structure has been proposed where HashKey MENA handles the exchange between HKDAP and the US dollar and the United Arab Emirates dirham. The applicable area in Hong Kong is insurance premium payments, and HashKey and Mantong Insurance have completed the funding subscription and redemption tests for HKDAP. HKDAP is a stablecoin pegged to the Hong Kong dollar, designed to maintain a value of 1 HKD per coin. The issuer has a structure that allows access through designated distributors and received permission to issue stablecoins in Hong Kong starting April 10. HashKey has begun distribution of HKDAP to institutions, completing its first issuance and redemption transactions. This collaboration represents a move to broaden the use cases from exchange distribution to insurance premium payments and cross-border payments.
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