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RD Technologies To Support HKD Stablecoin With Chainlink’s Industry-Standard Services

As the industry-standard decentralized computing platform, Chainlink has enabled over $10.5 trillion in transaction value and provides a comprehensive set of services that are critical for creating and securing tokenized real-world assets and stablecoins capable of scaling onchain finance to billions of global users.

This week, RD Technologies, an innovative Hong Kong-based fintech platform, announced its plans to integrate key Chainlink services to power its forthcoming HKD stablecoin (HKDR).

Backed 1:1 by the Hong Kong dollar, HKDR was conceived as a trusted, transparent stablecoin for B2B cross-border payments, virtual assets exchanges, and tokenized real-world asset settlement. According to an official announcement, “RD Technologies has reached agreements with several globally renowned cross-border payments, virtual assets, and wealth management players” to unlock use cases for HKDR.

An initial roadmap for RD Technologies’ collaboration with Chainlink Labs, the primary contributing developer of Chainlink, includes HKDR’s integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the industry standard for cross-chain digital asset and data transfer, which achieves the highest level of cross-chain security and features a separate Risk Management Network that independently monitors cross-chain functions for erroneous activity.

RD Technologies is also exploring how Chainlink’s Proof of Reserve (PoR) would help provide reliable onchain verification of HKDR’s reserve backing of high-quality, highly liquid assets that are safekept in segregated custody accounts with licensed financial institutions. 

PoR leverages Chainlink oracles to verify in real time that onchain assets are fully collateralized by cross-chain or offchain real-world assets. This is especially crucial for stablecoins that need to maintain a 1:1 peg to the underlying asset. PoR increases consumer confidence in and adoption of stablecoins by transparently proving onchain assets are fully collateralized at all times and triggering circuit breakers that prevent new stablecoins from being minted if collateral values dip below a certain threshold.

RD Technologies CEO Rita Liu described the collaboration with Chainlink Labs to secure HKDR with Chainlink’s vital infrastructure as an important step in advancing web3 adoption in Hong Kong, which will also host Chainlink’s annual SmartCon event in October. 

“We are pleased to be working with Chainlink Labs, as its proven track record of maintaining the highest standard of security and reliability is in line with RD Technologies’ mission of developing a trusted and transparent stablecoin for multiple business use cases across the globe,” she said.

“We are confident that our integration will help facilitate the adoption of HKDR in cross-border payments, real-world assets tokenisation, and other onchain finance applications; it will also empower us to facilitate the development of Hong Kong as a global Web 3.0 and virtual assets hub.”

To learn more about RD Technologies, visit their website and X.

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