Chainlink Cross-Border Play Expands To Hong Kong–Australia Money Movement

Hong Kong's central bank is conducting phase two of its digital currency pilot, e-HKD, which involves tokenized Hong Kong dollars being transferred across borders. The pilot aims to swap e-HKD for A$DC, an Australian dollar stablecoin, to reduce settlement times from days to seconds. Chainlink's Cross-Chain Interoperability Protocol (CCIP) will handle the transfers, and its Digital Transfer Agent (DTA) will ensure compliance with regulations. The goal is to enable real-time money transfer while ensuring both parties receive what they expect. The pilot involves Hong Kong authorities and their Australian counterparts, as well as major financial institutions like Visa, ANZ, Fidelity, and ChinaAMC. The project could serve as a model for other central banks, demonstrating how they can work together with blockchain technology. The pilot uses a Payment-versus-Payment model, where funds are only released when both parties confirm receipt of the other asset. The news of the pilot has caused Chainlink's token, LINK, to jump to $14.70, following a wider market rally driven by hopes that Bitcoin may hit $110,000. Despite the rally, market data suggests that crypto traders may quickly sell off if the main story fades, and high volatility can shake out weaker hands.