Visa, Fidelity International, ANZ; Australia and New Zealand Banking Group, and China Asset Management recently completed a successful pilot for regulated cross-border settlement using Chainlink’s infrastructure.
This occurred under the Hong Kong Monetary Authority’s (HKMA) e-HKD Pilot Programme Phase 2 also referred to as Project e-HKD+, which focuses on tokenized assets, programmability, and digital money applications. Visa, ANZ, Fidelity International, and ChinaAMC (Hong Kong) formed one of 11 consortia in the program.
Chainlink provided critical technology, including its Cross-Chain Interoperability Protocol (CCIP) for secure cross-chain messaging and transfers. It enabled movement of tokenized assets between ANZ’s private permissioned blockchain (DASChain) and the public Ethereum Sepolia testnet.
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Additional features included automated compliance checks, identity verification, atomic settlement; near real-time simultaneous execution to reduce counterparty risk and Chainlink’s Digital Transfer Agent (DTA) standard for tokenized fund issuance using on-chain NAV data.
Australian investors via ANZ used tokenized deposits, ANZ’s A$DC stablecoin, or a hypothetical/wrapped e-HKD to purchase tokenized money market fund (MMF) units from Hong Kong-based managers (Fidelity International and ChinaAMC).
The process achieved near-instant, atomic settlement instead of traditional multi-day cycles, demonstrating reduced risk, improved efficiency, and interoperability between traditional finance and blockchain systems.
This is part of HKMA’s ongoing exploration of CBDCs, tokenized deposits, and blockchain for global payments. Phase 2 builds on earlier e-HKD efforts, emphasizing tokenized asset settlement and programmability. The pilot highlights blockchain’s potential to streamline cross-border transactions while staying within regulatory frameworks.
This pilot achieved near real-time atomic settlement (simultaneous execution of payment and asset delivery), reducing: Settlement cycles from days to seconds/minutes. Counterparty and settlement risks. Capital tied up in idle nostro accounts.
Estimates suggest tokenized deposits and CBDCs at scale could save global banks ~$1.5 billion annually in correspondent banking costs by minimizing pre-funding needs and manual processes. Asset managers (like Fidelity) could see broader savings through reduced operational friction in tokenized fund distribution.
The use of Chainlink’s CCIP bridged ANZ’s private permissioned blockchain (DASChain) with the public Ethereum Sepolia testnet, enabling secure cross-chain transfers with automated compliance, identity verification, and on-chain NAV data fetching via Chainlink’s Digital Transfer Agent (DTA) standard.
This proves practical interoperability between private and public chains in a regulated environment, paving the way for: Wider tokenized asset adoption. Better liquidity and access for cross-border investments. Programmability features; smart contracts automating complex flows.
Hong Kong positions itself as a hub for digital money innovation, reinforcing its role in connecting mainland China, Asia-Pacific, and global markets. Involvement of giants like Visa, Fidelity, ANZ, and a central bank (HKMA) signals mainstream validation of blockchain beyond speculation. It’s part of broader trends: Testing CBDC and tokenized deposit use cases for retail and wholesale.
Alignment with global efforts. Emphasis on compliance within existing frameworks, reducing barriers to scaling. This could accelerate regulatory clarity and adoption in Asia and beyond, encouraging more consortia to explore tokenized money for payments, investments, and beyond.
The announcement generated buzz in crypto communities, particularly around Chainlink ($LINK) as the enabling infrastructure for secure, compliant cross-chain ops. Posts highlight it as a milestone for real-world utility in TradFi-Web3 convergence.
Price-wise, $LINK has shown sideways and moderate movement post-announcement, with some resistance at higher levels amid broader market conditions. While not causing a massive immediate spike, it reinforces Chainlink’s positioning in institutional RWA and cross-border narratives, potentially supporting longer-term demand for its oracle and interoperability tech.
This isn’t just another pilot—it’s evidence that blockchain is moving from experimentation to viable infrastructure for global finance. If scaled, it could reshape cross-border investment flows, lower barriers for investors, and drive efficiencies worth billions, while underscoring Chainlink’s role as a key enabler.
This shows traditional giants like Visa and Fidelity actively integrating blockchain solutions for faster, more transparent global settlements.