Chainlink Selected as Technology Partner of Hong Kong's Hong Kong Dollar Stable Coin HKDR

Blockchain oracle data provider Chainlink has partnered with RD Technologies, a company working on developing a Hong Kong dollar stablecoin called HKDR.

On May 7, the cryptocurrency oracle solutions provider announced that RD Technologies is integrating Chainlink CCIP (Cross-Chain Interoperability Protocol) and Proof of Reserve (PoR) to support its Hong Kong dollar stablecoin.

Chainlink’s cross-chain interoperability protocol will be integrated to enable secure and reliable cross-chain transfers of HKDR and make new stablecoins more accessible.

Additionally, according to the announcement, the company has adopted Chainlink’s Proof of Reserve (PoR) to help provide reliable on-chain verification of HKDR reserve support.

Chainlink moves deeper into RWA (Real World Assets) space

The goal of the collaboration is to enable more businesses and merchants to use HKDR to settle payments, enjoy faster and lower-cost cross-border payments, and use the stablecoin to reliably transfer tokenized real-world assets (RWA).

The Hong Kong-based fintech company said it has reached agreements with "several globally renowned cross-border payments, virtual asset and wealth management players" to use HKDR for cross-border payments.

Rita CEO RD Technologies Liu said, “The integration will help promote the adoption of HKDR in cross-border payments, tokenization of real-world assets, and other on-chain financial applications.” She added that it would also help promote Hong Kong's development as a global center for Web 3 and virtual assets.

Colin in charge of RWA and Alliances at Chainlink Labs Cunningham said:

“Using HKDR to settle transactions between chains will accelerate the adoption of tokenized assets and enable faster, lower-cost cross-border payments.”

Chainlink CCIP allows smart contracts to securely access data from external systems to facilitate trusted data connections between blockchains.

In April, Chainlink released a new CCIP-powered cross-chain bridge application “Transporter” to improve the security of token transfers.

On May 6, a Chainlink adoption update showed that four Chainlink services have achieved a total of seven integrations on three different chains: Arbitrum, BNB Chain, and Polygon.

LINK Price Outlook

LINK, the network’s native token, did not react to the news. However, amid a pullback in the broader altcoin market, the asset is down 2% on the day at $14.28 at the time of writing.

The price of LINK has been weak of late, falling nearly 30% over the past month as the cryptocurrency market retreats from its mid-March highs.

LINK is down 73% from its all-time high of $52.70 in May 2021, and has failed to gain much traction in 2024 despite Bitcoin’s all-time highs.

However, analysts predict that the altseason (altcoin season) is coming, when this asset usually performs well.

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