Chainlink Integration With RD Technologies Will Power Hong Kong Dollar Stablecoin

NAIROBI (Coinchapter.com) – Chainlink, the leading decentralized oracle network, has announced a strategic integration with RD Technologies, bringing together its cutting-edge Cross-Chain Interoperability Protocol (CCIP) and Proof of Reserve to power the Hong Kong dollar-backed stablecoin, HKDR.

On May 7th, RD Technologies, a Hong Kong-based fintech firm, unveiled its plans to leverage Chainlink’s CCIP and Proof of Reserve to facilitate secure and reliable cross-chain transfers of HKDR, enabling broader access to the stablecoin. The Chainlink integration aims to unlock faster and cheaper cross-border payments while ensuring reliable transfer of tokenized real-world assets (RWA) using the HKDR stablecoin.

Why Chainlink CCIP?

Index Coop selected Chainlink CCIP due to its industry-leading security and reliability. Chainlink’s infrastructure already secures billions of dollars in on-chain value and powers trillions in transactions. Additionally, the Risk Management Network, an added security layer within CCIP, provides an extra level of protection that was key for Index Coop.

Furthermore, Rita Liu, CEO of RD Technologies, emphasizes the potential impact of HKDR, stating, “This integration will help facilitate the adoption of HKDR in cross-border payments, real-world assets tokenization, and other on-chain finance applications.”

Moreover, Colin Cunningham, Head of RWA and Alliances at Chainlink Labs, highlights the potential for tokenized assets and streamlined cross-border transactions.

Allan Gulley, Head of Product at Index Coop explained: “Chainlink’s long-standing commitment to security and reliability is what drew us to CCIP. When it comes to bridging, we wanted to maximize safety and minimize latency for our end users, and CCIP proved to be the optimal solution for Index Coop.”

Chainlink’s integration of CCIP will play a pivotal role in enabling secure and reliable cross-chain transfers of HKDR. CCIP, the industry standard for secure cross-chain interoperability, is backed by Chainlink’s decentralized oracle networks, which have already secured tens of billions of dollars for smart contracts and enabled over $9 trillion in on-chain transaction value.

Significant LINK Activity Sparks Interest

Whale Alert, which tracks sizable blockchain transactions, reported the movement of 3.7 million LINK tokens – worth over $53 million. This transfer between unknown wallets highlights the continued activity surrounding Chainlink and its solutions.

At the time of writing, LINK is trading at $13.84, down 3.72% in the past 24 hours, with a real 24-hour volume of $164 million and a market capitalization of $8.10 billion, according to market data. While the current price is significantly lower than its all-time high of $52.31 reached in May 2021, LINK has shown resilience by recovering from its cycle low of $4.98 in June 2023.