HashKey MENA, a Dubai-based virtual asset exchange licensed by Dubai's Virtual Assets Regulatory Authority (VARA), has initiated a pilot program to test regulated stablecoin-powered settlement flows for cross-border trade between the Middle East and Africa.
The company has executed a Corridor Pilot Agreement with Aptos Foundation to establish a business-to-business stablecoin payment corridor. The initiative operates through a partnership with Daya, a Pan-African stablecoin payments platform, utilizing the Aptos Layer 1 blockchain infrastructure.
Addressing Traditional Payment Challenges
The pilot program targets persistent issues with conventional cross-border payments, including elevated transaction costs, foreign exchange complications, and extended settlement periods. Businesses will gain access to regulated stablecoin settlement capabilities alongside existing payment infrastructure including SWIFT transfers, bank wires, virtual local-currency accounts, and payment APIs.
The initial deployment will support transactions involving the Nigerian Naira and additional African currencies. HashKey MENA will deliver compliant AED, USD, and multi-currency fiat-to-stablecoin on- and off-ramp services, allowing businesses to transition between traditional currencies and digital assets.
Strategic Partnership Roles
The Aptos Foundation functions as the ecosystem partner, facilitating cost-efficient transaction execution on the Aptos blockchain. Daya serves as the African payment infrastructure partner, delivering compliant local currency connectivity through proprietary smart-routing technology designed to maximize liquidity across African markets.
Daya's infrastructure encompasses virtual accounts, payment APIs, SWIFT capabilities, and local settlement services. The platform addresses a critical gap in the African market, where stablecoin adoption has grown but regulatory infrastructure and liquidity connections to global markets have lagged.
According to Paul Joe of Daya, Africa has emerged as a leader in stablecoin adoption, but has lacked the regulated infrastructure and liquidity needed to connect regional demand to global markets.
Two-Phase Implementation Strategy
The partners have outlined a two-phase rollout plan. The initial phase enables multinational companies to fund local payments by converting local currency into stablecoins at one corridor endpoint and back into fiat currency at the destination.
The long-term objective establishes a scalable B2B trade settlement network where stablecoins function as the primary settlement asset. This approach aims to create a more efficient alternative to traditional banking channels for African businesses engaged in international trade.
Expanding Global Network
The Africa corridor represents the expansion of HashKey's Asia Connect network beyond its original markets. Since launching in 2025 with a corridor connecting Hong Kong and the Philippines, the network has extended across Southeast Asia through partnerships in Vietnam and other markets before reaching the Middle East via HashKey MENA.
The African extension strengthens the network's objective of creating a compliant, efficient, and low-cost framework for cross-border transfers and seamless conversion between stablecoins and local currencies. This development positions Dubai as a strategic hub connecting African markets with global financial technology infrastructure.
The pilot program comes as African countries increasingly explore digital currency solutions for trade and remittances, with several central banks advancing their own digital currency initiatives alongside growing private sector stablecoin adoption.