HashKey MENA, a Dubai-based virtual asset exchange licensed by Dubai’s Virtual Assets Regulatory Authority (VARA), has launched a pilot initiative to explore regulated stablecoin-powered settlement flows for cross-border trade between the Middle East and Africa.The company has signed a Corridor Pilot Agreement with Aptos Foundation to develop a business-to-business (B2B) stablecoin payment corridor. The initiative will be delivered in partnership with Daya, a Pan-African stablecoin payments platform, and will run on the Aptos Layer 1 blockchain.
Addressing Cross-Border Payment Challenges
The pilot aims to tackle longstanding challenges associated with traditional cross-border payments, including high transaction costs, foreign exchange friction, and lengthy settlement times.
Through the corridor, businesses will be able to access regulated stablecoin settlement capabilities alongside traditional payment infrastructure such as SWIFT transfers, bank wires, virtual local-currency accounts, and payment APIs. The initial rollout will support transactions involving the Nigerian Naira and other African currencies.
HashKey MENA will provide compliant AED, USD, and multi-currency fiat-to-stablecoin on- and off-ramp services, enabling businesses to move seamlessly between traditional currencies and digital assets.
