Web3 has entered the compliant "Age of Exploration". In the 15th to 17th centuries, navigators drove their ships to unknown waters in pursuit of wealth and opportunities. In that era, goods, gold coins and storms intertwined, and routes were extended in exploration. 500 years later, facing the same unknown waters, Hong Kong took the lead in setting up a beacon - stablecoin. On May 30, 2025, the Hong Kong "Stablecoin Ordinance" was officially passed, marking the implementation of Asia's first systematic regulatory framework for legal currency stablecoins.
Only when the rules are implemented and the routes are clear can ships sail in an orderly manner and go further. In the "Age of Exploration" of Web3, a key role is gradually emerging - HashKey Group.
Some people may ask, HashKey Group is not on the list of companies in the Hong Kong Stablecoin Sandbox, so why does it become a key player?
Issuing stablecoins is just the first step, and behind the scenes, HashKey Group is quietly working hard - a complete stablecoin ecosystem requires liquidity, transaction speed, and application scenarios. As an investor in Circle Technology and an important partner of stablecoin issuers such as JD.com , HashKey Group's full ecological layout is building a complete channel for the issuance of stablecoins - HashKey Exchange will become the "first stop for liquidity" for stablecoin issuance; the independently developed HashKey Chain public chain provides technical support for the circulation of stablecoins; and its HashKey OTC Global business, as one of the very few first-level agents in the world that is directly connected to Circle and has the native minting authority of USDC, will also become the "super engine" of stablecoin liquidity.
HashKey Exchange - "Deepwater Port"
Stablecoins have been issued, but where can users buy them? How can they use them? This is a very realistic question.
If blockchain is compared to a global transportation network, stablecoins are the cargo ships that carry value. They are both carriers of liquidity and infrastructure supporting transactions, but cargo ships need to be anchored in "deep-water ports" - they must be large enough to accommodate 10,000-ton ships and ensure regular and orderly docking.
Therefore, when Yuanbi Technology, Ant, JD Coin Chain and even Circle rushed to enter the Asian market, the initial listing entrances of these stablecoins all pointed to the same platform - HashKey Exchange.
Looking at the list of stablecoin issuers that have entered the "sandbox", it is not difficult to find that many companies have close ties with HashKey - HashKey is an investor and strategic partner of Yuanbi, and also provides compliance and liquidity support for the issuance and application of Yuanbi stablecoin; HashKey has reached a cooperation with JD Coin Chain, using HashKey's compliant trading platform and legal currency exchange channel to promote the actual implementation of JD Stablecoin in cross-border payment and other scenarios; HashKey Exchange, as a compliant trading platform and technology ecosystem, is becoming an important partner for future transactions and liquidity support for many stablecoin issuers.
As a "deepwater port" carrying stablecoins, HashKey Exchange is the largest licensed virtual asset exchange in Hong Kong. In 2024, HashKey Exchange's trading volume exceeded HK$600 billion. With strong liquidity depth, it has become an indispensable "legal currency portal" in the crypto market. At the same time, HashKey Exchange already has digital asset-related licenses in Hong Kong, Singapore, Japan, Dubai, Bermuda and other regions, providing a safe and compliant trading environment. This dual guarantee of compliance foundation and liquidity naturally makes it the preferred "first stop for liquidity" for stablecoin issuance.
It is worth mentioning that HashKey Exchange also has a very competitive market rate. According to public data, the current USDC/USD transaction fee on HashKey Exchange is 0.03% (0.03%) , which is much lower than most traditional banks or offline exchange institutions .
From the "legal currency portal" to the "stable currency portal", HashKey Exchange is opening up global payment channels - now, the platform already supports multi-currency legal currency deposits and withdrawals, opening up multiple legal currency channels such as US dollars, Hong Kong dollars, Singapore dollars, and UAE dirhams. Through the exchange's efficient trading methods, users can achieve low-cost and high-efficiency exchange between stablecoins and various legal currencies.
This allows stablecoins to not only serve as an efficient payment tool, but also to be truly integrated into the traditional financial system and take root in more practical scenarios.
HashKey Chain —— “Golden Channel”
The prosperity of stablecoins has never depended on the number of public chains, but on whether the public chains can truly carry the deep demand for their value circulation. A public chain that is highly compatible with the characteristics of stablecoins can not only feed back the growth of its own ecology, but also inject security, efficiency and scenarios into stablecoins, ultimately achieving a win-win situation for both sides.
Data confirms this logic. According to Chainalysis data, USDT on the TRON network accounted for more than 50% of global stablecoin transactions in the first quarter of 2025, surpassing Ethereum for the first time to become the largest public chain. Technical adaptation and deep cultivation of scenarios have formed a strong bond between a public chain and stablecoins.
HashKey Chain is just such a compliant "golden channel" that safely guides the traditional world's capital giants into the compliant harbor of Web3.
The value of HashKey Chain goes far beyond compliance itself. Its core advantage lies in building a complete "issuance-scenario-assetization" closed loop, which promotes stablecoins to break through the limitations of a simple payment tool and truly integrate into the cycle of the financial system. When a stablecoin issuer accesses HashKey Chain, it is connected to the HashKey ecosystem, directly opening up a compliant trading platform (HashKey Exchange), an efficient fiat currency exchange channel, and an institutional-level liquidity network, greatly shortening the path from issuance to circulation.
More importantly, stablecoins deployed on the chain can seamlessly enter a variety of financial application scenarios. After users hold stablecoins, they can instantly exchange them for tokenized securities shares on the platform. Here, stablecoins are no longer just a medium of transaction, but have been upgraded to a hub for investors to conduct on-chain portfolio management and asset allocation. At present, three products have been deployed on HashKey Chain: "CPIC Estable MMF" tokenized US dollar fund, Bosera's Hong Kong dollar/US dollar money market ETF fund, and GF Securities (Hong Kong)'s multi-currency tokenized securities "GF Token". In the future, more financial asset tokenized products will be put on the chain.
The value of HashKey Chain is to allow stablecoins to evolve from a single payment and settlement function to the "blood" that efficiently circulates in the on-chain financial system, forming a complete closed loop from transactions to applications.
HashKey OTC Global——“High Speed Waterway”
The traditional OTC market is often like a winding old river channel - funds need to flow through layers of middlemen, and each bend may increase costs, bring delays and even risks. HashKey OTC Global is like a "high-speed waterway" that directly reaches the core water source - relying on HashKey OTC Global's connectivity across Asia and the Middle East, it makes the flow of stablecoins faster and cheaper.
HashKey OTC Global is unique in that it is directly connected to the source of stablecoins. It is one of the few first-tier agencies in the world that has the authority to mint USD stablecoins directly from Circle (the issuer of USDC). What does this mean? Simply put, large institutional users can use it to mint and redeem large amounts of USDC at the efficiency and cost of the source. This authority itself is a silent endorsement of HashKey OTC Global's compliance and market position.
But this is not enough. HashKey OTC Global has chosen a "two-legged" strategy: one leg is firmly on Circle's native channel, enjoying institutional-level pricing and real-time liquidation; the other leg is through strategic cooperation, seamlessly connected to the world's most widely covered stablecoin liquidity network built by Tether (USDT issuer). Users no longer need to look for liquidity in a roundabout way, they can directly reach the core water source, and the slippage loss during the transaction process is significantly reduced.
What is more critical is the security and speed of capital flow. HashKey OTC Global has established a unique banking infrastructure in the Asia-Pacific region - it has the same-name account system of Standard Chartered Bank and DBS Bank. This solves the most troublesome pain point for institutions - customers' funds flow directly in HashKey's same-name accounts in these two major banks, completely bypassing the risks that may be brought by third-party custody, and realizing the true "zero middle layer" settlement. This clearing network directly supported by top banks compresses the exchange time of fiat currency and stablecoin to almost real-time, far away from the common "next-day arrival" (T+1) model in the industry. The extremely strict cooperation access standards of Standard Chartered and DBS have also made a strong endorsement for HashKey's compliance and risk control capabilities. For institutions, this is equivalent to embarking on an exclusive, fast and stable capital highway.
These capabilities are ultimately used in the daily lives of real users. Through HashKey OTC Global, traders, investment institutions and family offices can all realize capital flows safely and flexibly: a well-known Layer1 public chain foundation converts tokens into USDC every month to pay global developers, and through HashKey OTC Global, tens of millions of dollars are received in minutes, saving more than 2% slippage costs; a trader uses HashKey OTC Global's SGD channel to instantly exchange fiat currency and USDC, increasing arbitrage efficiency by nearly 30%; when a top Asian venture capital firm sells tens of millions of dollars of tokens through HashKey OTC Global, the transaction price is 2.5% higher than the market average, maximizing investment returns; when an Asian family office with assets under management of more than $1 billion realizes cryptocurrency, it not only obtains a transaction premium of about 0.8% through HashKey OTC Global, but also achieves T+0 instant payment through the bank account with the same name, completely eliminating the risk of freezing.
The core of all this is to allow the liquidity of stablecoins to truly surge, eventually flow into real scenarios that need them, and make the flow meaningful.
Conclusion
For stablecoins to truly enter the real world, they cannot do without the coordination of compliant transactions, underlying technologies, and professional services. From HashKey Exchange to HashKey Chain, and then to HashKey OTC Global, HashKey Group is gradually opening up this link and building a bridge from digital assets to the real world. When stablecoins can truly serve global trade, cross-border payments, asset management, and value storage safely, efficiently, and unimpededly, the "Age of Exploration" of Web3 will truly set sail.
