Hong Kong’s financial sector has taken a major step towards modernizing cross-border payments. ChainLink has used Cross-Chain Interoperability Protocol (CCIP) to enable the secure exchange of the Central Bank of Hong Kong’s Digital Currency (CBDC) and the Australian Dollar stubcoin.
The transaction is part of phase 2 of the E-HKD+ Pilot Program, an initiative led by the Hong Kong Monetary Authority (HKMA), which tests practical applications for the digital Hong Kong dollar. The blockchain-driven experiment involved major financial companies such as Visa, ANZ, China Asset Management Company (China AMC) and Fidelity International.
Cross-border payments streamlined by blockchain protocols
ChainLink’s CCIP has facilitated and secured the relocation between E-HKD in Hong Kong and Stablecoin (A$dc) in Australian dollar issued by ANZ. Through the pilot platform, smart contract and blockchain compatibility was utilized to facilitate the exchange of digital currency. As a result, this approach reduces intermediary use, reduces resolution time and increases transaction transparency.
The E-HKD+ Pilot Programme is based on Hong Kong’s efforts to remain a global leader in financial innovation. The pilot specifically tested the interactions of state-supported CBDCs with personalised stubcoins, paving the way for efficient, real-time cross-border transactions.
ChainLink is pleased to share that it promotes the safe exchange of the Hong Kong CBDC and Australian Dollar Stab Love Coin as part of its Phase 2 continuous use case of the E-HKD+ Pilot Program.
Congratulations to participants @Visa, ANZ, China AMC and Fidelity…pic.twitter.com/ts2c6vt4ul
– ChainLink (@ChainLink) June 9, 2025
The pilot gained the ability to use digital money to purchase tokenized assets that controlled Hong Kong. This new mechanism addresses longstanding challenges such as high costs and mitigation mitigation in traditional international payment systems.
Institutional collaboration and technology adoption
The pilot was joined forces by traditional financial and digital finance companies organizations. ANZ was the bank partner who issued Australian dollar stubcoins and processed forex transactions with Hong Kong’s CBDC.
With the support of Visa’s tokenized asset platform, banks were able to securely create and transfer digital assets. Asset management experts at AMC and Fidelity International in China have investigated the use of tokenized funds in cross-border environments.
Related: HSBC launches first blockchain-based payment service in Hong Kong
The people leading the pilot emphasized that programmable money, tokenization and atomic reconciliation are important in the decentralized financial sector. These devices may eliminate settlement risk and streamline financial market operations. CCIP support allowed financial institutions to bridge public blockchains and permitted networks, meeting both security and compliance standards.
The success of this pilot shows a promising future for cross-border payments and asset management. The pilot lays the foundation for widespread adoption of CBDCs and Stablecoins worldwide by introducing the technical capabilities of safe and instantaneous digital asset exchange. Regulators and financial institutions are paying attention to these tests while studying improvements in economic infrastructure.
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