The Krak app allows users to instantly transact across borders for almost no cost, while earning competitive rewards on their account balances.
Chainlink is set to play a major role as Hong Kong’s central bank takes a big step in its digital currency tests. Phase two of the e-HKD pilot will try moving tokenized Hong Kong dollars across borders. The plan is to swap e-HKD for A$DC, an Australian dollar stablecoin. This could cut settlement times from days to seconds. It may also show how central banks can work together with blockchain technology. Related Reading: Relentless Bitcoin Accumulation: Strategy Snaps Up 1,045 More BTC Hong Kong And Australia Test Digital Cash According to reports, the project will use Chainlink’s Cross-Chain Interoperability Protocol, or CCIP, to handle transfers. The goal is simple. Move money in real time and make sure both sides get what they expect. Phase two kicks off with Hong Kong authorities and their counterparts in Australia. They will swap e-HKD for A$DC and aim for instant settlement. Based on reports, this setup could serve as a model for other central banks. We’re excited to share that Chainlink is facilitating the secure exchange of a Hong Kong CBDC and an Australian dollar stablecoin as part of an ongoing use case in Phase 2 of the e-HKD+ Pilot Program. Congratulations to participants @Visa, ANZ, China AMC, and Fidelity… pic.twitter.com/ts2C6Vt4Ul — Chainlink (@chainlink) June 9, 2025 Chainlink Tools In Use Chainlink is not just a name in the mix. It brings two big pieces of tech to the table. CCIP handles the cross-chain messages, acting like a bridge between different blockchains. The Digital Transfer Agent, or DTA, deals with compliance. It keeps track of who owns what token and makes sure rules in different countries are met. In May, World Liberty Financial tapped Chainlink for cross-chain stablecoin transfers covering USD1. That earlier deal hinted at what’s possible this time around. Big Names Join The Pilot Visa and ANZ are helping with payment processing for e-HKD and A$DC. Asset managers Fidelity International and ChinaAMC will also take part. Their job is to manage the tokenized funds on both sides. This mix of banks, asset managers and tech firms shows the project is more than a small test. It has real money and real risks involved. Reports disclosed that those risks are managed by a Payment-versus-Payment model. This means funds are only released when both sides confirm they have received the other asset. Related Reading: Elon Musk ‘Will Do Anything’ To Make XRP King, Tech Mogul Says Market Moves And Reactions LINK, the token for Chainlink, jumped by 6% after news of the pilot broke. It now trades at $14.70. That rise follows a wider market rally driven by hopes that Bitcoin may hit $110,000 before the week’s end. According to market data, crypto traders often chase big targets. Short-term gains can be tempting. But they can also lead to quick sell-offs if the main story fades. Despite the rally, Bitcoin still tracks the equity swings rather closely. There is a mix of bulls and bears in futures data that suggests some people are not yet convinced this run will last. High volatility can shake out weaker hands at the first sign of trouble. A sudden change in risk sentiment or a fresh macro shock can quickly reverse gains. Featured image from Imagen, chart from TradingView
Philippine banks are collaborating to launch the PHPX stablecoin for real-time remittances, leveraging Hedera’s DLT network and cross-border payment solutions.
Outgoing Reserve Bank of India Governor Shaktikanta Das envisions the digital rupee revolutionizing India’s economy through gradual CBDC adoption.
Binance will make USDC more available across its platform, while Circle will provide liquidity and technology and help Binance build new relationships.
Latin America continues to be a center of blockchain integration with Nuvei and partners' new e-commerce solution for merchants.
TradFi looks safe on the international payments market for the foreseeable future, despite advances in blockchain solutions.
The Mastercard Multi-Token Network is connecting with JPMorgan’s ambitious Kinexys Digital Payments for faster settlement.
Norges Bank backs the EU’s MiCA regulation while considering a CBDC to enhance cross-border payments and support financial stability in Norway.
The GFTN is established as the second phase of Singapore’s fintech growth initiative, which focuses heavily on payments, asset tokenization, AI and quantum computing.
The Hong Kong Monetary Authority launch Project Ensemble in March and now has at least three countries participating.
South Korean authorities announced their plan to fully regulate cross-border crypto transactions by the end of 2025 to combat a “blind spot” enabling tax evasion by foreign exchanges. Related Reading: Consensys Urges For Clear Crypto Regulation In Open Letter To Future US President Koran Authorities To Regulate Cross-Border Crypto Transactions According to local news media […]
Paxos’ goal is to support assets and chains based on customers’ interests and its own end-user preferences, the company said.
Mercado Bitcoin, one of the largest crypto exchanges in Latin America and a partner of Mastercard, is working with Ripple on crypto-enabled international payments.
Ripple has acquired in-principle financial services license approval from Dubai’s DFSA, moving closer to offering cross-border crypto payment services in the UAE.
Project Pax, backed by Japan’s top banks, seeks to streamline cross-border transactions using stablecoins, addressing inefficiencies identified by the G20.
The Cambodian central bank’s Soramitsu-backed digital payment system is continuing to expand.
John Wingate of BankSocial and Azeem Khan of Morph tell The Agenda podcast how crypto and blockchain can make the world a better, more equitable place.
The partnership between the significant banking giants in the US and Mastercard is aimed at streamlining multiple asset-class settlements on a shared ledger platform.
The two crypto firms are attempting to improve cross-border payments via stablecoins for large corporations and institutions.