HashKey Global Unveils USD-Settled BTCUSD Perpetual Contract
On 12 November 2025, HashKey Global launched its first BTCUSD fiat-settled perpetual contract. The BTCUSD perpetual contract allows traders to use USD directly as margin, cutting trading costs by removing stablecoin conversions. Settlements occur in USD, and collateral is held in a dedicated fiat risk reserve account with bank-grade custodial safeguards for capital security and compliance. Initially aimed at institutional and corporate investors prioritizing capital efficiency and regulatory assurance, access will later open to retail users. Use cases include USD asset allocation and risk hedging, bridging traditional finance and Web3 innovation. Ben El-Baz, Head of Global Expansion, highlighted the product’s role in accelerating a compliance-centric market and reinforcing HashKey Global’s secure, efficient infrastructure. Operating under a Bermuda F-Class license, HashKey Global excludes users in Hong Kong, the U.S., and mainland China.
Bullish
The launch of a USD-settled BTCUSD perpetual contract is likely bullish for the market. By enabling direct USD margin without stablecoin conversions, HashKey Global lowers barriers for institutional participation and boosts liquidity. Similar product rollouts—such as fiat-settled derivatives on major exchanges—have historically driven higher trading volumes and deeper order books. In the short term, this could increase BTC trading activity and volatility as new capital enters. Over the long term, enhanced compliance and custody standards foster greater institutional adoption and market stability, reinforcing positive sentiment around Bitcoin derivatives.