Hong Kong-based digital asset issuer IDA Finance has announced that it will integrate Chainlink’s blockchain services for its new Hong Kong dollar-backed stablecoin, HKDA. The move aims to increase transparency and secure cross-chain transactions for the fiat-backed stablecoin.

Chainlink’s Proof of Reserves (PoR) technology provides greater transparency to users and investors by ensuring that the assets behind HKDA are verified on-chain. This increases the reliability of stablecoins by reducing the risks associated with insufficient reserves.

IDA will also integrate Chainlink’s Cross-Chain Interoperability Protocol (CCIP) technology. This integration will increase HKDA’s usability across multiple chains, providing broader market access to decentralized finance (DeFi) platforms, exchanges, and payment systems.

Crypto adoption is on the rise in East Asia. According to a report by Chainlink, East Asia accounted for almost 9% of global cryptocurrency value between July 2023 and June 2024. What do you think about these developments? We look forward to your comments.