Hong Kong is entering the second stage of its central bank digital currency (CBDC) trials by using Chainlink’s
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
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.
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