Former HKMA Chief Executive’s Firm To Launch Hong Kong Dollar Stablecoin with Chainlink Integration

by BSC News

May 7, 2024


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 assets 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 utilization 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. 


Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article