Chainlink Facilitates Cross-Border Digital Currency Tests Between Hong Kong and Australia

Chainlink is integral to Hong Kong's digital currency pilot, focusing on cross-border transactions. The second phase of the e-HKD project will involve exchanging tokenized Hong Kong dollars (e-HKD) for the Australian dollar stablecoin (A$DC), aiming to reduce settlement times significantly.

Key Details

Hong Kong and Australia will collaborate using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
The goal is real-time money transfers with assured expectations on both ends.
Participants include Visa, ANZ, China AMC, and Fidelity, ensuring robust payment processing and asset management.
Payment-versus-Payment model mitigates risks by requiring confirmation from both parties before fund release.

Market Impact

Following the announcement, LINK surged 6% to $14.70 amid broader market optimism around Bitcoin potentially reaching $110,000. However, volatility remains high, with mixed sentiment in the futures market indicating uncertainty about the sustainability of recent gains.