Chainlink advances CBDC and stablecoin pilot with Visa and Fidelity

• Chainlink CCIP facilitates payments with CBDC and stablecoin
• Hong Kong tests integration of tokenized stablecoins
• Visa and Fidelity support blockchain CBDC pilot

The e-HKD+ pilot program, led by the Hong Kong Monetary Authority (HKMA), has been investigating how tokenization can be applied to payments infrastructure with a focus on stability and regulatory compliance. One of the key tests involves interoperability between central bank digital currencies (CBDCs) and stablecoins, with technical support from Chainlink.

The Chainlink Cross-Chain Interoperability Protocol (CCIP) solution has been chosen as an alternative to securely connect different blockchain networks. According to a statement from the company on X, CCIP is being used to enable international transactions at a lower cost, in addition to integrating automation via smart contracts, real-time data verifications and interoperability between different networks.

As leading financial institutions adopt digital assets, the need for a cash leg to settle onchain transactions has become increasingly important.

Discover how Chainlink is enabling the secure exchange of a Hong Kong CBDC and an Australian dollar stablecoin ↓… pic.twitter.com/wJal384CSU

- Chainlink (@chainlink) June 9, 2025

While the HKMA manages the issuance and reserves of the local CBDC, ANZ Bank was responsible for the tokenized deposits, acting as the issuer. Three interoperability methods were evaluated during the development of the pilot: time-locked and hash-based contracts (HTLC), minting and burning of tokens on separate networks with centralized control, and finally, Chainlink’s solution, considered more robust in terms of security and decentralization.

The involvement of institutions such as Visa and Fidelity reinforces corporate interest in integrating digital assets into traditional financial structures. Although the project still raises concerns among analysts about its impact on the financial system, the participation of large companies signals confidence in the technologies being tested.