- Chainlink’s and Visa enabled real-time cross-border investment using digital currencies in Hong Kong’s e-HKD+ pilot programme.
- The pilot showed how Australian investors could directly access Hong Kong funds with reduced delays and risks.
- The findings aim to inform global standards for CBDCs and tokenised finance as digital asset adoption continues to grow.
Chainlink has enabled a major advance in cross-border digital finance through its role in Phase 2 of Hong Kong’s e-HKD+ Pilot Programme, led by the Hong Kong Monetary Authority. The trial simulated a real-time exchange between Australia’s A$DC stable coin and Hong Kong’s prototype central bank digital currency (CBDC). The cross-border pilot was in partnership with ANZ, Fidelity International, and ChinaAMC.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) facilitated the transaction by linking ANZ’s private DASChain with Ethereum’s public testnet, enabling near-instant settlement of assets to mitigate the traditional risks of cross-border transactions.
The trial tested how investors in Australia could use A$DC or tokenised deposits to purchase tokenised money market fund (MMF) units from asset managers in Hong Kong using the e-HKD. This approach demonstrated the potential to eliminate intermediaries, reduce settlement times from days to seconds, and increase transparency and operational efficiency.
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Smart Infrastructure Enables Seamless Cross-Border Transfers
Visa’s Tokenised Asset Platform (VTAP) enabled the creation and transfer of the digital currencies, supporting near-instant payment and settlement through smart contracts. Chainlink supported the process with on-chain compliance services, including blockchain-based identity verification.
The pilot tested two token standards to see how well they work in real financial systems. The e-HKD used the popular ERC-20 standard, while tokenised bank deposits used ERC-3643, which includes built-in safeguards like identity verification and restricted transfers to meet regulatory rules.
The e-HKD+ programme builds on Hong Kong’s original 2022 pilot by expanding into programmable payments and interoperability between public and permissioned blockchains. With tokenised funds expected to grow to US$2 trillion by 2030, the pilot’s findings will help to shape future rules and systems for digital finance.
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