Hong Kong stablecoin issuer IDA Finance announced that it is collaborating with Chainlink to use its smart contract products to enhance transparency and interoperability for the upcoming stablecoin $HKDA.
IDA uses Chainlink to strengthen liquidity and asset transparency
According to the official press release, $HDKA is a stablecoin issued by IDA based on full reserves of Hong Kong dollars or its equivalents, and can be minted or redeemed at a 1:1 ratio with Hong Kong dollars. This functional integration with Chainlink allows IDA to create a Proof of Reserve through Chainlink PoR to monitor the integrity of off-chain asset reserves in real time; while Chainlink CCIP supports $HKDA in different blockchain networks Frictionless transfer between roads, thereby eliminating the island effect caused by the fragmentation of public chain liquidity.
Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs, said that this cooperation will not only promote the adoption of $HDKA in the field of cross-border payments, but also support the development of Tokenized Real-World Assets (RWA) by IDA Finance. ) to release the huge liquidity of traditional finance onto the chain.
Motivation for cooperation between IDA Finance and Chainlink
IDA is currently working with leading global financial institutions such as international banks, stock exchanges, virtual asset exchanges, digital asset retail enterprises and real world asset (RWA) issuers, and is expected to use $HDKA for payments and transactions in the digital asset market tools, therefore it needs reliable Web3 industry benchmarks to endorse its stablecoin; on the other hand, considering the future potential of tokenized assets, Chainlink, which has been deeply involved in this sector for a long time, is the most ideal partner.
Sean Lee, co-founder and chief strategy officer of IDA Finance, noted:
"Chainlink is the leader in proof of reserve and cross-chain interoperability, which can ensure the security, asset transparency and cross-chain liquidity integration of $HDKA. In addition, RWA tokenization can not only simplify the transaction process and reduce costs, but also By improving market efficiency and making it easier for businesses to manage and trade assets, this innovation undoubtedly boosts the global economy and will change the financial landscape.”
Chainlink Tokenization Adoption Continues
Chainlink has always been at the forefront of the tokenization track. In addition to establishing a tokenization framework for the well-known TradFi giant SWIFT, the adoption of tokenization protocols is also endless. Last month (9/23), Chainlink has been integrated with the infrastructure of the tokenized stock leader Backed Fi. The protocol uses three products: Chainlink Data Feeds, Chainlink PoR and Chainlink CCIP, and is a network that includes Tesla, NVIDIA, Coinbase, MicroStrategy and Nine stock products including S&P 500 Index ETFs optimize asset transparency, synchronization and cross-chain liquidity. This series of functional integrations of DeFi and TradFi not only promotes the development of tokenization technology on a global scale, but also further lays the foundation for the seamless connection between traditional finance and Web3.
