Chainlink CCIP used in New Hong Kong CBDC & Stablecoin Pilot studied by Visa & Fidelity AllinCrypto June 10, 2025
The Hong Kong government has utilized Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as part of a wider Hong Kong Dollar CBDC programme.
Chainlink’s CCIP was used to facilitate a transaction between a public blockchain and a permissioned network, with Visa and Fidelity overseeing the process.
New developments were featured in a report by Visa on behalf of the Hong Kong CBDC pilot. Here’s how an interaction between a stablecoin and CBDC went down.
Chainlink utilized by Hong Kong government in CBDC and stablecoin pilot
The transaction involved the use of Chainlink’s CCIP to enable seamless communications across multiple blockchain networks. In this specific instance, an Australian stablecoin was used to complete a transaction that was ultimately settled in Hong Kong Dollars via the e-HKD digital currency.
The successful integration follows another recent notable collaboration between Chainlink, JPMorgan, and Ondo Finance, where the trio conducted a tokenized real-world asset (RWA) swap utilizing JPMorgan’s permissioned Kinexys blockchain network.
Ondo Finance’s Ondo Chain initiated the transfer, which was completed across networks through Chainlink’s CCIP, demonstrating its ability to securely transfer real-world assets between private and public blockchains.
As part of the Hong Kong government’s broader strategy to incorporate digital assets into the financial system, Hong Kong’s Securities and Futures Commission (SFC) introduced the ASPIRe programme in early 2024.
ASPIRe’s initiative aims to accelerate digital asset adoption and develop a Hong Kong Dollar-based stablecoin.
Stablecoin adoption and developments on the rise
Industry players involved in the pilot tests include Visa, Fidelity International, Australia and New Zealand Banking Group (ANZ), and asset managers from ChinaAMC.
Animoca Brands is also collaborating with the Hong Kong government on the development of a Hong Kong Dollar stablecoin, which could launch soon.
Chainlink’s role in both asset tokenization and CBDC interoperability continues to position it as a key player in the evolving global blockchain infrastructure, with direct implications for finance, banking, and public sector digital transformation.
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