TechFlow News, June 4 — HashKey MENA FZE, a virtual asset exchange authorized by Dubai’s Virtual Assets Regulatory Authority (VARA), is spearheading a landmark initiative: exploring the use of compliant stablecoins to power cross-border commercial settlements between the Middle East and Africa. To address the efficiency gaps in traditional finance, HashKey MENA has signed a corridor pilot agreement with the Aptos Foundation to advance an enterprise-grade (B2B) stablecoin payment pilot program.
This pilot collaborates with Daya, a pan-African stablecoin payment platform, enabling businesses to explore regional trade settlement on the Aptos Layer-1 blockchain. Specifically, it will establish fiat on-ramp and off-ramp capabilities for the Nigerian Naira and other African currencies—integrated with legacy SWIFT and bank wire functionality, local-currency virtual accounts, and unified payment APIs for enterprises and fintechs.
As a leading over-the-counter (OTC) service provider in the Middle East, HashKey MENA offers regulated AED/USD and multi-currency stablecoin fiat deposit and withdrawal channels via first-party transfer models, enabling seamless conversion between local fiat and digital assets for regional enterprises.
This initiative challenges existing remittance and foreign exchange infrastructure—where traditional banks commonly face high fees, foreign exchange losses, and time-consuming settlement processes. Through regulated stablecoin rails, HashKey MENA aims to develop faster, more cost-competitive settlement solutions while maintaining stringent and robust compliance standards. The pilot is built upon comprehensive, ongoing due diligence and operates within VARA’s rigorous licensing framework, fully aligned with its broader regulatory requirements. This reinforces HashKey MENA’s role as a critical institutional bridge connecting the UAE with emerging economies across Africa—and demonstrates how mature, compliant digital asset infrastructure can bridge highly fragmented and divergent regulatory environments.
The Aptos Foundation, as an ecosystem partner, oversees the implementation of the payment corridor and provides cost-effective funding support for execution within the scope of the agreement. On the African side, Daya serves as the local payments infrastructure partner, deploying its proprietary intelligent decision-making system to build compliant on/off-ramp connectivity and enhance overall liquidity across African markets.
Daya also provides SWIFT, bank wire, local-currency virtual accounts, and integrated payment APIs. In collaboration among Aptos, Daya, and HashKey MENA, the pilot will be implemented in two phases: multinational enterprises will deposit local fiat at one end and withdraw settled funds at the other, completing cross-border payments locally. The first phase will lay the groundwork for a full-fledged B2B trade settlement system, where stablecoins will serve as the primary settlement asset within supported trade corridors.
Paul Joe of Daya stated: “Africa is already ahead in stablecoin adoption. What has been missing are compliant infrastructure and scalable liquidity to connect this demand with the rest of the world. By joining HashKey’s Asia Connect network as the African node—and settling on Aptos—we gain access to a network already extending from Hong Kong to the Philippines, Vietnam, and now the UAE.”
This partnership marks a strategic expansion of HashKey’s Asia Connect network into Africa, continuing its rapid growth trajectory since June 2025. Since launching its first stablecoin corridor linking Hong Kong and the Philippines, the network has become a key integration hub across Southeast Asia—including pioneering collaborations with Vietnam’s CAEX and VPBank. It was subsequently extended to the Middle East by HashKey MENA. At the Hong Kong Web3 Festival in April 2026, the Asia Connect network drew significant attention, bringing together a diverse ecosystem of partners to deliver fast, compliant, low-cost infrastructure for cross-border transfers—and seamless conversion between stablecoins and local currencies—for both enterprises and individuals.
