Asia's leading comprehensive digital asset company HashKey Group (3887.HK) ("HashKey") officially releases the HSK White Paper 2.0 at the Hong Kong Web3 Festival. HashKey is committed to building "next-generation financial infrastructure," with HashKey Chain being the core carrier of this strategy on-chain, aiming to create a "on-chain financial infrastructure" that seamlessly connects digital assets and traditional financial markets, providing institutions with a compliant, secure, robust, and scalable on-chain execution environment.

This white paper systematically presents the capability upgrade path of HashKey Chain in the direction of on-chain financial infrastructure, focusing on institutional-grade permissioned chains, RWA one-stop asset tokenization and circulation systems, as well as on-chain identity and payment capabilities aimed at the AI entity economy, further exploring the structural trend of global financial activities transferring from "off-chain" to "on-chain".

Institutional-Grade Permissioned Chain: Building a "Usable, Trustworthy" On-Chain Execution Environment

As asset tokenization enters a scaling phase, the core demand of financial institutions for on-chain infrastructure is shifting from performance to compliance-friendliness, privacy protection, and system stability.

In response to this demand, HashKey Chain is advancing its institutional permissioned chain construction capabilities. The permissioned chain is designed based on a three-layer architecture: execution layer—data availability layer—settlement locking layer: the execution layer supports hundreds of high-throughput transactions per second, operates continuously around the clock, achieves instant settlement, significantly reduces settlement risk and capital occupation; the data layer hosts complete transaction details through a dedicated data availability layer, combined with threshold signatures and data availability committee (DAC) mechanisms, providing auditable credentials; the settlement layer custodies underlying assets in Vault contracts, all withdrawals must be verified by locked status to trigger, preventing fictitious assets or uncollateralized withdrawal risks, critical business states are regularly anchored to the HashKey Chain main chain, ensuring the unity and trust of final settlement.

This "independent execution + main chain settlement" architecture enables institutions to conduct core businesses such as securities trading, asset tokenization, and cross-border payments in a controlled environment, ensuring data privacy and compliance friendliness while maintaining on-chain interoperability.

RWA One-Stop Issuance Capability: From Asset Tokenization to On-Chain Circulation and Settlement

Real-world asset tokenization (RWA) is one of the core directions of on-chain finance with significant practical foundation.

HashKey Chain deeply supports RWA compliant issuance standards, assists in embedding KYC/KYB identity verification and geographical restrictions at the token level, ensuring assets only circulate among compliant investors; at the settlement level, it achieves T+0 delivery versus payment (DvP) atomic settlement through smart contracts, compressing counterparty risk exposure, supporting 7×24 hours of continuous trading; the white-label integration model allows institutions to retain their own brand front-end, seamlessly connecting to HashKey's licensed infrastructure in the back-end, adopting a modular architecture for on-demand deployment, significantly reducing R&D cycles and compliance costs.

In addition, relying on the synergy with HashKey's trading, custody, tokenization, and on-chain businesses, HashKey has currently formed a set of six core capabilities covering asset access and screening, issuance framework design, on-chain technical support, issuance and liquidity management, duration management, and full-cycle compliance support—completing the closed-loop from asset side to fund side, from project initiation to exit. HashKey Chain has currently deployed 11 tokenized products, and the total value of on-chain RWA assets is approximately 2 billion Hong Kong dollars.

HashKey Chain Empowers the AI Entity Economy

HashKey Chain concurrently lays out a forward-looking strategy for the AI entity economy. The white paper points out that the high-frequency, micro-transaction characteristics of AI Agents exhibit a structural mismatch with the T+N settlement mechanism of traditional payment systems, and the existing compliance framework also lacks a verifiable identity account system for AI Agents, becoming a core obstacle for AI to enter a real business closed loop.

Currently, HashKey Chain plans to build a comprehensive lifecycle solution for AI Agents covering "identity + credit + assets": establishing a privacy-protecting on-chain identity account for AI Agents through the ZKID identity system; transforming their on-chain behavior into quantifiable credit ratings through innovative credit and reputation mechanisms, allowing honest AI entities to receive lower transaction costs and higher credit limits; and providing a set of efficient, low-cost, natively adaptable robotic compliance payment and settlement standards for global AI entities (AI Agents), cross-border e-commerce, and physical enterprises through the HashKey Settlement Protocol (HSP) agreement.

Horizon Global Hackathon: Continuously Supplying Builders for On-Chain Finance

The real implementation of permissioned chains, RWA, and the AI entity economy ultimately depends on what applications can run on-chain and what builders can be attracted. To this end, HashKey Chain uses the "Horizon" series global hackathon brand as a leverage, planning to hold dozens of online and offline events globally each year, relying on global top ecological partners such as AWS and EAG, providing developers with full lifecycle incubation services from technical guidance, brand exposure to funding support.

HashKey's On-Chain Business Group CEO Li Chen stated: "As global financial activities accelerate their migration from off-chain to on-chain, what the market truly needs is not another faster public chain, but a channel that institutions can truly dare to use and can use. What HashKey Chain does is to transform the institutional barriers established by HashKey Group's years of deep cultivation in compliance into an on-chain infrastructure capability that can be operationalized and scaled. The layout of permissioned chains, RWA one-stop issuance, and AI entity economy is our systematic answer to what the next stage of on-chain financial infrastructure should look like."

Read HSK White Paper 2.0

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