Aptos Foundation, HashKey MENA, and Daya Launch Stablecoin Payment Corridor Between UAE and Africa, As On-Chain Volume Exceeds $1.9B

According to an official announcement on June 4, Aptos Foundation, HashKey MENA, and African payments platform Daya established a stablecoin-powered payment corridor linking the Middle East and Africa. The pilot program aims to reduce cross-border transaction costs and settlement times between the UAE and African markets.

Under the structure, businesses in the UAE convert local currency into stablecoins through HashKey MENA, transfer funds across the Aptos blockchain, and recipients receive them in local African currencies via Daya. The initiative addresses inefficiencies in traditional cross-border payments; according to World Bank data, sending $200 to Sub-Saharan Africa incurs an average fee of 7.9%, the highest globally. The Aptos network currently supports more than $1.9 billion in stablecoin circulation, the latest addition to HashKey's expanding Asia Connect network following corridors launched in Hong Kong-Philippines, Vietnam, and the UAE.