Hong Kong is entering the second stage of its central bank digital currency (CBDC) trials by using Chainlink’s
$13.14
Cross-Chain Interoperability Protocol (CCIP).
The goal is to test how digital assets can be transferred between different blockchain systems, both public and private, and how payments can be settled using various types of digital currency.
One scenario used in the test involves an Australian investor. The investor wants to purchase a tokenized product listed on the Hong Kong exchange. They send a stablecoin linked to the Australian dollar.
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The payment travels through several blockchains before reaching the seller, who receives Hong Kong’s trial digital currency, the e-HKD. The purchased asset is then delivered to the buyer’s wallet.
To connect the various systems, the test will use Chainlink’s CCIP, which allows different blockchains to share data and process transactions together. Chainlink stated that CCIP is already operational across multiple blockchains, including those built for Ethereum
$2,530.06
and Solana
$146.29
.
For this study, the Ethereum Sepolia test network will be used.
Several partners are involved in the trial. Visa is handling the technology side. The Australia and New Zealand Banking Group (ANZ) supports the stablecoin transfer. Asset managers ChinaAMC and Fidelity International are also taking part.
Meanwhile, Uber, a ridesharing company, recently announced that it is exploring the use of stablecoins on its platform. What is the goal? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
