The Blockchain protocol from Chainlink facilitated a simulated exchange between Hong Kong’s Prototype Bank Digital Currency (CBDC) and an Australian Dollar Stablecoin in phase 2 of the E-HKD+ pilot program.
Chainlink enables Direct E-HKD in the Australian Stablecoin exchange in Test
The Hong Kong Monetary Authority (HKMA) initiative includes Visa, Anz, Fidelity International and Chinaamc Hong Kong that test cross -border transactions using Tokenized Activa. The experiment showed how investors established in Australia could acquire the units of Money Market Fund (MMF) from Hong Kong with the help of the e-HKD or tokenized bank deposits.
Source: Visa “Interim Report: E -HKD Pilot Program Phase 2” study.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) Connected ANZ’s Private Blockchain (Daschain) and the Public Ethereum Sepolia Testnet to perform the exchange. This was atomic settlement-to-simultaneous transfer of the Australian Stablecoin (A $ DC) and E-HKD value the risk of counterparties through both sides of the transaction almost instant.
Pilot participants evaluated Ethereum’s ERC-20 and ERC-3643 topping standards for compatibility. The E-HKD used the frequently used ERC-20 Standard, while tokenized deposits used ERC-3643 that include characteristics of regulatory compliance, such as identity verification.
The test emphasized interoperability challenges between public and permission for block chains. Financial institutions usually use private chains for controlled activities, but require public chains for broader assets division. The Message Protocol from CCIP did not make any data transfer from Cross-Chain possible without bridging assets.
The next phase tests will assess end-to-end transactions, including purchases of MMF unit. Results are aimed at informing the worldwide standards for CBDCs, tokenized deposits and settlement infrastructure. Results of further phases of testing are expected later in 2025.
Credit : cryptonews.net
