IDA, a Hong Kong-based fiat-referenced stablecoin issuer, is integrating Chainlink’s industry-standard services for tokenized assets. Those include Chainlink Proof of Reserve (PoR) for verifying asset collateralization and the Chainlink Cross-Chain Interoperability Protocol (CCIP) for the secure movement of cross-chain data and value to support its upcoming HKDA stablecoin issuance, which is backed by the Hong Kong dollar.
The Chainlink integration gives HKDA users enhanced visibility into the reserves backing the stablecoin through Chainlink’s secure and reliable onchain PoR data. IDA also plans to integrate Chainlink CCIP, which will enable IDA to securely mobilize HKDA across multiple blockchains, ultimately enhancing the token’s utility and accessibility.
“Chainlink is the industry standard for verifying the collateralization of digital assets onchain and moving them cross-chain, providing our ecosystem partners with enhanced assurances regarding the stability and backing of HKDA, as well as increased accessibility to HKDA by making it available across various chains” said Sean Lee.
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IDA is currently collaborating with leading financial institutions, banks, traditional exchanges, virtual asset exchanges, retail businesses, and real-world asset (RWA) issuers on the use of HKDA as a secure payments vehicle and institutional trading instrument in digital asset markets. “The ability to tokenize RWAs not only streamlines transactions and reduces costs, but also enhances market efficiency, making it easier for businesses to manage and trade their assets. This innovation will undoubtedly stimulate the economy and transform the financial landscape,” Lee added.
Angie Walker said, “We are excited to be IDA’s technical partner and provide a solution that enables greater visibility into the asset collateralization behind the stablecoin while powering secure cross-chain movement. Our goal is to not only advance the adoption of HKDA as a payments vehicle for cross-border transactions but also support the development of tokenized real-world assets. Tokenized money, including stablecoins, has the potential to unlock quadrillions of dollars of tokenized assets, bringing more liquidity to the market.”
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