RD Technologies and Chainlink Collaborate to Enable Stablecoin Backed by Hong Kong Dollar

Chainlink and RD Technologies have announced a partnership to integrate Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and Proof of Reserve to support the Hong Kong dollar-backed stablecoin, HKDR. The collaboration aims to enable secure and efficient cross-border payments and tokenized real-world asset transfers using the HKDR stablecoin. Chainlink’s CCIP was chosen for its industry-leading security and reliability, as well as its Risk Management Network, which provides an additional layer of protection. The integration is expected to drive the adoption of HKDR in various on-chain finance applications. Colin Cunningham, Head of RWA and Alliances at Chainlink Labs, highlighted the potential for tokenized assets and streamlined cross-border transactions. The integration of CCIP will facilitate secure and reliable cross-chain transfers of HKDR, leveraging Chainlink’s decentralized oracle networks and its track record of securing billions of dollars for smart contracts. In other news, significant LINK activity has sparked interest, with the movement of 3.7 million LINK tokens worth over $53 million. Despite a slight decrease in price, LINK has shown resilience and recovery from its cycle low in June 2023.