Visa and Fidelity Test Cross-Border CBDC-Stablecoin Swap Using Chainlink

In what could be a blueprint for the future of international finance, some of the world’s most recognized financial institutions — including Visa, Fidelity International, ANZ, and ChinaAMC — just completed a pilot exchange between a central bank digital currency (CBDC) and a stablecoin. And powering it all? Chainlink.

As part of Phase 2 of the Hong Kong Monetary Authority’s (HKMA) e-HKD+ pilot program, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) made it possible to simulate a seamless swap between the e-HKD (Hong Kong’s digital dollar prototype) and A$DC, an Australian dollar stablecoin issued by ANZ.

Here’s What Went Down

In the pilot:

• e-HKD (CBDC) was exchanged for A$DC (stablecoin)
• Chainlink’s CCIP bridged a private blockchain (ANZ’s DASchain) and the public Ethereum Sepolia testnet
• Atomic settlement ensured that both assets transferred simultaneously—eliminating counterparty risk
• Token standards tested:
  • ERC-20 for the e-HKD
  • ERC-3643 for tokenized deposits (adds identity verification & compliance)

The simulation allowed Australia-based investors to buy Hong Kong money market fund (MMF) units using either the CBDC or tokenized bank deposits. In essence, this is programmable, cross-border money in action — compliant, instant, and interoperable.

Why This Pilot Matters

1. Chainlink’s CCIP Is Proving Itself in Real Finance
Forget just price feeds. Chainlink’s CCIP is quietly becoming the infrastructure glue connecting private and public blockchains in regulated environments. It handled:

• Secure message passing
• Identity-verifiable token formats
• Asset movement across incompatible chains
  This test makes Chainlink a key player in CBDC architecture going forward.

2. Private Chains Meet Public Chains — Without Bridges
Banks typically use permissioned blockchains (like DASchain) for internal control and compliance. But public chains like Ethereum are better for global reach and wider asset issuance. CCIP enables messaging without using risky asset bridges — a major win in light of past bridge hacks (looking at you, Ronin and Harmony).

3. Token Standards Get Real-World Stress Test

• ERC-20 is already the go-to for fungible tokens
• ERC-3643, lesser known but powerful, adds KYC, compliance, and rules enforcement
  The experiment demonstrated regulatory-compatible tokenization, which could satisfy both TradFi and DeFi alike.

What’s Coming Next?

The HKMA pilot isn’t done. The next phase will focus on:

• End-to-end MMF purchases using CBDCs or tokenized deposits
• Assessing the viability of using e-HKD and A$DC in real capital markets
• Further trials in interoperability standards, especially for settlement finality and latency

Results are expected later in 2025 and will likely influence CBDC implementation standards across Asia-Pacific and beyond.

Who’s Involved?

Let’s give credit where it’s due:

Why the CBDC-Stablecoin Crossover Is a Big Deal

Most people think of CBDCs and stablecoins as competing. But what this pilot shows is that they can coexist and interoperate in a compliant, programmable way.

Imagine a world where:

• Your local digital currency (CBDC) can buy international assets
• Cross-border payments settle instantly, with no FX slippage
• Tokenized bonds, stocks, and funds are available to verified global users

That’s the vision being built. And it’s not a 10-year timeline — we’re talking 2025 and beyond.

Final Thoughts: Chainlink, CBDCs, and the Quiet Revolution

While most eyes are on Bitcoin ETFs and memecoins, Chainlink is positioning itself as the digital plumbing of global finance — quietly facilitating secure, regulated, cross-chain finance between CBDCs, stablecoins, and tokenized assets.

This pilot isn’t just a proof-of-concept — it’s a blueprint for the programmable global financial system.

Keep watching this space.

TL;DR Recap

• Chainlink’s CCIP enabled atomic swaps between e-HKD and A$DC in HKMA’s Phase 2 pilot
• Visa, ANZ, Fidelity, China AMC participated, testing MMF asset acquisition via stablecoins or CBDCs
• ERC-20 and ERC-3643 standards used for compliance and transparency
• Next steps: Live asset purchases, global interoperability standards, and further CBDC experimentation