RD Technologies has explored the possibility of launching the HKDR Stablecoin, which is a stablecoin pegged to the Hong Kong dollar. The objective behind this initiative is to support the development of Hong Kong and Asia’s evolving Web 3.0 and virtual assets landscape.

RD Technologies aims to integrate HKDR with Chainlink, a decentralised computing platform, to enhance its stablecoin operations. The collaboration with Chainlink involves integrating HKDR with Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This integration is intended to facilitate secure and reliable cross-chain transfers of HKDR, thus enhancing accessibility to the stablecoin.

RD Technologies is also exploring the adoption of Chainlink’s Proof of Reserve (PoR) to ensure verifiable on-chain confirmation of HKDR’s reserve backing. A closer look at HKDR HKDR is backed 1:1 by the Hong Kong dollar, which aims to position it as a trusted and transparent stablecoin suitable for various payment applications. RD Technologies has secured agreements with several prominent players in cross-border payments, virtual assets, and wealth management sectors to explore the use of HKDR in B2B cross-border payments, virtual asset exchanges, and tokenized real-world asset settlement.

In the official press release, representatives from RD Technologies expressed satisfaction with the collaboration with Chainlink Labs, citing Chainlink's reputation for maintaining high standards of security and reliability, aligning with RD Technologies' mission. They also anticipate that this integration will facilitate HKDR adoption in cross-border payments, real-world asset tokenization, and other on-chain financial applications, contributing to the development of Hong Kong as a global Web 3.0 and virtual assets hub. In turn, officials from Chainlink Labs expressed excitement about supporting RD Technologies’ Hong Kong dollar stablecoin with secure, reliable cross-chain transfers powered by Chainlink CCIP.

They highlighted that settling transactions across chains with HKDR will accelerate the adoption of tokenized assets and enable faster, more cost-efficient cross-border payments. Chainlink CCIP serves as a secure interoperability protocol for constructing cross-chain applications, linking private and public blockchains, and facilitating token transfers across blockchains. It is supported by the Risk Management Network, an independent network monitoring and verifying cross-chain operations for suspicious activity to enhance security and reliability.

Chainlink’s PoR offers on-chain verifications regarding the collateralisation of on-chain assets by comparing the asset’s current supply to the reserves backing it. .