HashKey Group (3887.HK) ("HashKey"), a leading integrated digital asset company in Asia, officially released HSK White Paper 2.0 at the Web3 Festival in Hong Kong . HashKey is committed to building "next-generation financial infrastructure," and HashKey Chain is the core on-chain carrier of this strategy. It is dedicated to creating an "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 HashKey Chain's capability upgrade path in the direction of on-chain financial infrastructure, focusing on institutional-grade permissioned chains, RWA one-stop asset tokenization and circulation system, and on-chain identity and payment capabilities for AI intelligent agent economy, and further exploring the structural trend of global financial activities shifting from " off-chain " to " on-chain " .
Institutional-grade permissioned blockchain: Building an on-chain execution environment that is "usable and trustworthy".
As asset tokenization enters a phase of large-scale deployment, financial institutions' core requirements for on-chain infrastructure are shifting from performance to compliance friendliness, privacy protection, and system stability.
To address this need, HashKey Chain is advancing its permissioned blockchain construction capabilities for institutions. The permissioned blockchain is based on a three-layer architecture: execution layer, data availability layer, and settlement locking layer. The execution layer supports high-throughput transactions of hundreds per second, continuous operation around the clock, and instant settlement, significantly reducing settlement risks and capital occupation. The data layer hosts all transaction details through a dedicated data availability layer, combining threshold signatures and a Data Availability Committee (DAC) mechanism to provide auditable credentials. The settlement layer holds the underlying assets in a Vault contract; all withdrawals must be verified by the locked state before triggering, preventing the risk of fictitious assets or uncollateralized withdrawals. Key business states are periodically anchored to the HashKey Chain main chain to ensure unified and trustworthy 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, while ensuring data privacy and compliance, and maintaining on-chain interoperability.
RWA's one-stop issuance capability: from asset on-chaining to on-chain circulation and settlement.
Real-world asset tokenization (RWA) is one of the core directions with the most solid foundation for practical application in current on-chain finance.
HashKey Chain deeply supports RWA compliant issuance standards, assisting in embedding KYC/KYB identity verification and geographic restrictions at the token level to ensure that assets circulate only among compliant investors. At the clearing and settlement level, it achieves T+0 delivery versus payment (DvP) atomic settlement through smart contracts, reducing counterparty risk exposure and supporting 24/7 trading. The white-label integration model allows institutions to retain their own brand front-end while seamlessly connecting to HashKey's licensed infrastructure at the back-end. The modular architecture allows for on-demand deployment, significantly reducing development cycles and compliance costs.
Furthermore, leveraging synergies with HashKey's trading, custody, tokenization, and on-chain businesses, HashKey has developed six core capabilities covering asset access and screening, issuance architecture design, on-chain technical support, issuance and liquidity management, lifecycle management, and full-cycle compliance support—completing a closed loop for RWA from the asset side to the funding side, and from project launch to exit. HashKey Chain currently has 11 tokenized products deployed, with a total on-chain RWA asset value of approximately HKD 2 billion.
HashKey Chain empowers AI-driven intelligent agent economy
HashKey Chain is proactively developing the AI agent economy. The white paper points out that the high-frequency, low-value interaction characteristics of AI agents are structurally mismatched with the T+N settlement mechanism of traditional payment systems. Furthermore, the existing compliance framework lacks a verifiable identity account system for AI agents, becoming a core obstacle to AI entering the real-world business ecosystem.
Currently, HashKey Chain plans to build a full lifecycle solution for AI Agents, encompassing "identity + credit + assets": establishing on-chain identity accounts with privacy protection features 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 obtain lower transaction costs and higher credit limits; and providing a highly efficient, low-cost, and natively robot-compatible compliant payment and settlement standard for global AI agents, cross-border e-commerce, and physical enterprises through the HashKey Settlement Protocol (HSP).
Horizon Global Hackathon: Continuously Providing Builders for On-Chain Finance
The true realization of permissioned blockchains, RWA, and AI-driven intelligent agent economies ultimately depends on what applications can run on the blockchain and which developers can be attracted. To this end, HashKey Chain leverages its "Horizon" series of global hackathons, planning to hold dozens of online and offline events worldwide each year. Relying on top global ecosystem partners such as AWS and EAG, it provides developers with full-lifecycle incubation services, from technical guidance and brand exposure to financial support.
Li Chen, CEO of HashKey's On-Chain Business Group, 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 are willing and able to use. What HashKey Chain is doing is transforming the institutional barriers built up by the HashKey Group through years of deep cultivation in compliance into an on-chain infrastructure capability that can be commercialized and scaled. The deployment of permissioned chains, one-stop RWA issuance, and AI intelligent agent economy is our systematic answer to what on-chain financial infrastructure should grow into in the next stage."
