Thanks to CCIP, Hong Kongs CBDC project made a breakthrough on the intermediary money transfer
- Chainlinks CCIP enabled the safe exchange between CBDC and StableCoin-a milestone of blockchain technology for international payment infrastructure.
- Hong Kong’s E-HKD project thus demonstrated the interoperability of state and private digital currencies-in this case a CBDC with a stable coin.
A recently carried out pilot project with a cross-border digital currency exchange between Hong Kong and Australia has put the CCIP (Cross-Chain Interoperability Protocol) from Chainlink at the center of the infrastructure tests for future blockchain-based financial transactions.
The test carried out as part of phase 2 of the e-HKD initiative enabled the transfer of a tokenized digital currency of the Hong Kong Central Bank (CBDC) and a stable coin into Australian dollars. The participants included Visa, Anz, China AMC and Fidelity International. The HKMA (Hong Kong Monetary Authority) supervises the attempt as part of ongoing research on the transformation of digital payment systems and the interoperability between state and commercial currencies.
We’re excited to share that Chainlink is facilitating the secure exchange of a Hong Kong CBDC and an Australian dollar stablecoin as part of an ongoing use case in Phase 2 of the e-HKD+ Pilot Program.
Congratulations to participants @VisaANZ, China AMC, and Fidelity… pic.twitter.com/ts2C6Vt4Ul
— Chainlink (@chainlink) June 9, 2025
The attempt concerned a foreign exchange scenario in which institutional institutions and banks were involved. An Australia-based on-customer applied for the purchase of shares of a money market fund based in Hong Kong. In order to complete the process, Anz’s deposits in Australian dollars (AUD) converted with the help of internal systems in Hong Kong dollar (HKD). After the conversion, Anz used the VTAP-APIs to shape HKD inserts with tokens that corresponded to the exchanged amount.
These tokenized HKD units were issued directly to the digital wallet of the investor in the Ethereum Sepolia Testnet. The transfer of the digital value was secured by chainlinks CCIP, which enabled the exchange of news and billing via the Ethereum blockchain and all approved ledger. The test showed that cross-border CBDC and StableCoin transactions can be carried out safely and without middlemen.
The role of Chainlink in the establishment of interoperable infrastructures
The CCIP from Chainlink served as a primary connectivity layer in this transaction and enabled the interoperability between independently managed token systems. By using CCIP, the parties involved were able to simulate a realistic resolution model that deals with the inefficiencies of conventional cross -border money transfers, including time delays and settlement risks. By enables the interaction of token-based representations of Fiat currencies through programmable logic, it offers an insight into the construction of future payment systems.
According to the participants, the pilot project is part of more extensive efforts to evaluate the role of tokenization in reducing counterparty risks and improving the processing efficiency. Chainlink’s infrastructure has emerged as a focus in these developments, especially where the tokenization of assets overlaps with initiatives from central banks and corporate applications.
Industry participants and application expansion
The E-HKD initiative illustrates the goal of the HKMA to evaluate the benefits of CBDCs in the daily financial transaction. The inclusion of Visa, Fidelity International and China AMC has contributed to the fact that the pilot project better reflects institutional applications. These companies contributed to the structure and implementation of simulated transactions and thus enabled the examination of complex fund currents and the system design with official supervision.
Representatives of Visa noted that their continuous cooperation with the HKMA has provided usable knowledge about the potential of tokenization for real payment systems in the past two years. They confirmed that the next phase of the pilot project continues with complete transaction tests and the evaluation of blockchain-based clearing mechanisms.
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