Chainlink Cross-Border Play Expands To Hong Kong–Australia Money Movement
Chainlink will facilitate Hong Kong's central bank in its digital currency tests, specifically in phase two of the e-HKD pilot, which involves cross-border transactions. The pilot aims to swap e-HKD for A$DC, an Australian dollar stablecoin, potentially reducing settlement times from days to seconds. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) will manage these transfers, ensuring real-time money movement and compliance through its Digital Transfer Agent (DTA). Visa and ANZ will assist with payment processing, while Fidelity International and ChinaAMC will manage tokenized funds. The project employs a Payment-versus-Payment model to mitigate risks, ensuring funds are only released upon mutual confirmation. Following the announcement, Chainlink's token, LINK, rose by 6% to $14.70 amid broader market optimism regarding Bitcoin's potential surge to $110,000. Despite this rally, Bitcoin remains closely tied to equity market fluctuations, with mixed sentiment among traders indicating uncertainty about the sustainability of gains.
