HashKey On-Chain’s HashKey Settlement Platform (HSP) and cross-border payment provider ONERWAY have formed a strategic partnership to connect stablecoin settlement on blockchain networks with licensed fiat off-ramping, allowing merchants to convert digital-asset proceeds into local currency. Announced on September 3, the agreement is HSP’s first connection with a traditional Web2 payment institution and the first on-chain settlement protocol adopted by ONERWAY. ONERWAY holds payment licences across the UK, Europe, Hong Kong, the United States and Singapore, serves more than 2,000 merchants globally, has principal membership with Visa, Mastercard, UnionPay International and Discover, and holds PCI DSS Level 1 certification. HSP consists of a Master Account for aggregating and distributing merchants’ on-chain funds and a Settlement Protocol that sets transaction-authorisation verification standards. HashKey Group’s licensed entities provide custody and over-the-counter services, while ONERWAY’s licensed channels allow merchants to convert settled stablecoins into local fiat for supplier payments, salaries and taxes. HashKey Group holds digital-asset service licences in Hong Kong, and HSP includes on-chain anti-money-laundering controls to support auditable transactions. ONERWAY’s fiat infrastructure includes a UK e-money institution licence, European payments institution licence, Hong Kong money service operator licence, US money services business registration and Singapore major payment institution licence. The companies said stablecoin use in cross-border payments has accelerated over the past year as regulators in Hong Kong and the European Union advance stablecoin issuance and payment frameworks. HashKey On-Chain Operations Director Rachel Qiu said compliant on-chain payments could see broad adoption, particularly in cross-border transactions and services. ONERWAY Head of Strategy Chris Hua said the partnership would help merchants combine on-chain payments, digital assets and fiat in cross-border scenarios, increasing capital turnover and reducing operating costs. HSP is expanding to more payment firms and settlement zones as stablecoin payment rails gain traction among enterprise clients.