This partnership will reportedly facilitate secure and reliable cross-chain transfers of the Hong Kong dollar-based HKDR, backed 1:1 by the Hong Kong dollar.
RD Technologies founded by former Chief Executive of the Hong Kong Monetary Authority (HKMA) Norman Chan is set to launch the Hong Kong dollar stablecoin. The firm announced plans to integrate its Hong Kong dollar-based stablecoin, HKDR, with Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
This strategic move aims to facilitate seamless and secure cross-chain transactions, enhancing access to HKDR across various blockchain platforms.
The collaboration with Chainlink will also include implementing Chainlink’s Proof of Reserve (PoR). This feature ensures reliable on-chain verification of HKDR’s reserve backing, adding an extra layer of transparency and trust to its operations.
Facilitating Broad-Based Adoption
This integration is expected to impact B2B cross-border payments, virtual asset exchanges, and the settlement of tokenized real-world assets, according to recent reports.
RD Technologies has already secured agreements with leading global players in these fields, paving the way for the widespread adoption of HKDR. With Chainlink’s enhanced interoperability and security, businesses and merchants can reportedly settle transactions in HKDR efficiently and reliably.
A crucial aspect of the partnership is the use of Chainlink Price Feeds. Per reports, these feeds provide accurate, tamper-proof price data, crucial for maintaining fair exchange rates between HKDR and other currencies.
The partnership with RD Technologies is not the only one Chainlink has entered into recently.
On May 1, Chainlink partnered with Rapid Addition and Chainlink to develop a FIX-native blockchain adapter. As a result of this collaboration, banks and financial institutions will be able to send messages and interact with a wide variety of tokenized assets.
Tags: Forms HKMA Chief Executives Firm Launch Hong Kong Dollar Stablecoin Chainlink Integration
