{"id":4082,"date":"2025-06-13T04:51:50","date_gmt":"2025-06-13T04:51:50","guid":{"rendered":"https:\/\/buvei.com\/blog\/?p=4082"},"modified":"2025-06-13T05:49:05","modified_gmt":"2025-06-13T05:49:05","slug":"cbdc-stablecoin-cross-chain-visa-chainlink","status":"publish","type":"post","link":"https:\/\/buvei.com\/blog\/cbdc-stablecoin-cross-chain-visa-chainlink\/","title":{"rendered":"Visa and Chainlink Pilot Cross-Chain CBDC-Stablecoin Swap Under HKMA e-HKD+ Initiative"},"content":{"rendered":"<div data-page-id=\"KwvHdB8wLo0wt7xG2belk12RgUc\" data-lark-html-role=\"root\" data-docx-has-block-data=\"false\">\n<div class=\"ace-line ace-line old-record-id-Uy3ld2ZoXoQBjTx0RPHlSECqgYc\">As tokenized assets and programmable money continue to evolve, Visa and Chainlink have taken a significant step forward with a successful pilot under the Hong Kong Monetary Authority's (<a href=\"https:\/\/www.hkma.gov.hk\/eng\/key-functions\/international-financial-centre\/fintech\/e-hkd-pilot-programme\/\">HKMA<\/a>) <strong>e-HKD+ initiative<\/strong>. The test demonstrated how cross-chain transactions between stablecoins and central bank digital currencies (CBDCs) can streamline cross-border investment processes and settlement.<\/div>\n<h4 class=\"heading-3 ace-line old-record-id-E2hjdivjuo4izExWSqTluKzhgwh\">A Real-World Use Case: Stablecoin-to-CBDC Investment<\/h4>\n<div class=\"ace-line ace-line old-record-id-IK3LdNqRxoKGgixEItIlNOCqg5d\">The pilot simulated converting an Australian dollar-backed stablecoin (A$DC), issued by ANZ, into Hong Kong's digital currency (e-HKD), which was then used to subscribe to a tokenized money market fund. Key participants included <strong>ANZ<\/strong>, <strong>Fidelity International<\/strong>, <strong>ChinaAMC<\/strong>, and <strong>Visa<\/strong>, with support from <strong>Chainlink's Cross-Chain Interoperability Protocol (CCIP)<\/strong>.<\/div>\n<div class=\"ace-line ace-line old-record-id-WjUQdEs7joNxytxZZezlAoFJgSb\">This setup connected ANZ\u2019s proprietary blockchain, <strong>DASChain<\/strong>, with Ethereum\u2019s public testnet. By leveraging <strong>Chainlink CCIP<\/strong>, digital assets were moved seamlessly between public and permissioned blockchain ecosystems\u2014signaling a path toward <strong>truly interoperable digital finance<\/strong>.<\/div>\n<div><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4084 size-large\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2025\/06\/Visa-and-Chainlink-Pilot-Cross-Chain-CBDC-Stablecoin-Swap-Under-HKMA-e-HKD-Initiative-1024x579.jpg\" alt=\"\" width=\"1024\" height=\"579\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2025\/06\/Visa-and-Chainlink-Pilot-Cross-Chain-CBDC-Stablecoin-Swap-Under-HKMA-e-HKD-Initiative-1024x579.jpg 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2025\/06\/Visa-and-Chainlink-Pilot-Cross-Chain-CBDC-Stablecoin-Swap-Under-HKMA-e-HKD-Initiative-300x170.jpg 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2025\/06\/Visa-and-Chainlink-Pilot-Cross-Chain-CBDC-Stablecoin-Swap-Under-HKMA-e-HKD-Initiative-768x434.jpg 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2025\/06\/Visa-and-Chainlink-Pilot-Cross-Chain-CBDC-Stablecoin-Swap-Under-HKMA-e-HKD-Initiative-400x226.jpg 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2025\/06\/Visa-and-Chainlink-Pilot-Cross-Chain-CBDC-Stablecoin-Swap-Under-HKMA-e-HKD-Initiative-800x452.jpg 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2025\/06\/Visa-and-Chainlink-Pilot-Cross-Chain-CBDC-Stablecoin-Swap-Under-HKMA-e-HKD-Initiative-832x470.jpg 832w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2025\/06\/Visa-and-Chainlink-Pilot-Cross-Chain-CBDC-Stablecoin-Swap-Under-HKMA-e-HKD-Initiative-1248x705.jpg 1248w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2025\/06\/Visa-and-Chainlink-Pilot-Cross-Chain-CBDC-Stablecoin-Swap-Under-HKMA-e-HKD-Initiative.jpg 1472w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/div>\n<h4 class=\"heading-3 ace-line old-record-id-XlVfdOtWWoAXcmxDQ6QlJazKg3b\">Visa's Tokenized Asset Platform and On-Chain Settlement<\/h4>\n<div class=\"ace-line ace-line old-record-id-DomQdSo1sovrvbxzDEmlttBQgyh\">Visa\u2019s <strong>Tokenized Asset Platform (VTAP)<\/strong> played a critical role in facilitating the full lifecycle of digital money. Through <strong>payment-versus-payment (PvP)<\/strong> and <strong>delivery-versus-payment (DvP)<\/strong> models, the platform ensured the settlement of both currency exchange and asset delivery in a secure, efficient, and real-time manner.<\/div>\n<div class=\"ace-line ace-line old-record-id-D3Cadr0YmoWh5wxqlD9lp5V1gAb\">Smart contracts governed by Chainlink ensured compliance with the operational logic of tokenized transactions, while <strong>on-chain identity verification<\/strong> and the use of <strong>ERC-20 and ERC-3643 token standards<\/strong> further enhanced the regulatory compliance of the test.<\/div>\n<h4 class=\"heading-3 ace-line old-record-id-PpDDdtfUxotM9jxXWWmlB4nVgmb\">Why It Matters: Future of Cross-Border <a href=\"https:\/\/buvei.com\/blog\/cross-border-payment-network-operator-tender\/\">Payments<\/a><\/h4>\n<div class=\"ace-line ace-line old-record-id-MdDidzFzLoZScZxx7YNls0jkgi8\">This pilot provides a proof of concept for <strong>cross-chain programmable money<\/strong> in high-value investment scenarios. Benefits demonstrated include:<\/div>\n<ul class=\"list-bullet1\">\n<li class=\"ace-line ace-line old-record-id-Ip4mdyBFYoD2v8xdTe5l7E30gHd\" data-list=\"bullet\">\n<div><strong>Reduced settlement times<\/strong> (from days to seconds)<\/div>\n<\/li>\n<li class=\"ace-line ace-line old-record-id-Igp4dMnVcodtJwxxFhUlWOm6g4d\" data-list=\"bullet\">\n<div><strong>Around-the-clock operations<\/strong>, including weekends and holidays<\/div>\n<\/li>\n<li class=\"ace-line ace-line old-record-id-HjnQdkCcPoZxlKxDN1Jlxp62gF3\" data-list=\"bullet\">\n<div><strong>Streamlined compliance and identity verification<\/strong><\/div>\n<\/li>\n<li class=\"ace-line ace-line old-record-id-AbN7djdp6oseSVxpbbOlxo03gpc\" data-list=\"bullet\">\n<div><strong>Seamless access to tokenized funds<\/strong> through stablecoin-CBDC conversion<\/div>\n<\/li>\n<\/ul>\n<div class=\"ace-line ace-line old-record-id-HwhhdVzS7oljiCxwVuelWP8BgNH\">With global institutions projecting tokenized markets to exceed <strong>$2 trillion by 2030<\/strong>, the test is a significant step toward integrating <strong>digital currencies into mainstream financial infrastructure<\/strong>.<\/div>\n<h4 class=\"heading-3 ace-line old-record-id-LQB9dxLfVogkssxn0Haliqi7gTf\">Building Infrastructure for Interoperable Payments<\/h4>\n<div class=\"ace-line ace-line old-record-id-YwBidRvO1ondfOxETG1lErcQgOh\">At <strong>Buvei<\/strong>, we recognize the critical importance of blockchain interoperability in delivering <strong>frictionless cross-border payment experiences<\/strong>. The use of stablecoins and CBDCs across multiple chains reflects exactly what our modular aggregation engine is built to support:<\/div>\n<ul class=\"list-bullet1\">\n<li class=\"ace-line ace-line old-record-id-JI3bdRosaoTSuyxdipolnvP8gad\" data-list=\"bullet\">\n<div><strong>Token-agnostic transaction routing<\/strong><\/div>\n<\/li>\n<li class=\"ace-line ace-line old-record-id-A25JdpT3noCBtJxgcRWllkM7ggh\" data-list=\"bullet\">\n<div><strong>AI-enhanced fraud prevention<\/strong><\/div>\n<\/li>\n<li class=\"ace-line ace-line old-record-id-Mq3vdovL9oB5HbxyGZjlIvxmgkh\" data-list=\"bullet\">\n<div><strong>Regulatory compliance for programmable money<\/strong><\/div>\n<\/li>\n<\/ul>\n<div class=\"ace-line ace-line old-record-id-RhRVd0mlkoK9isx8widlJL8ugNp\">As global payment systems shift toward programmable digital value, <a href=\"https:\/\/buvei.com\/\">Buvei<\/a> continues to work at the forefront\u2014helping merchants, platforms, and financial institutions navigate the future of decentralized, compliant, and scalable payment infrastructure.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"As tokenized assets and programmable money continue to evolve, Visa and Chainlink have taken a significant step forward&hellip;","protected":false},"author":2,"featured_media":4092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":""},"categories":[6,11],"tags":[372,1837,1839],"class_list":{"0":"post-4082","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"category-trends","9":"tag-cbdc","10":"tag-cross-chain","11":"tag-tokenized-assets","12":"cs-entry"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/posts\/4082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/comments?post=4082"}],"version-history":[{"count":0,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/posts\/4082\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/media\/4092"}],"wp:attachment":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/media?parent=4082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/categories?post=4082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/tags?post=4082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}