The technology company, Chainlink, has teamed up with RD Technologies, a company working on developing a stablecoin called HKDR, which is pegged to the Hong Kong dollar.

In a recent announcement, Chainlink revealed that RD Technologies will be utilizing Chainlink CCIP and Proof of Reserve to support the HKDR stablecoin. The integration of Chainlink’s Cross-Chain Interoperability Protocol will allow for safe and efficient transfers of HKDR across different blockchains.

Moreover, Chainlink’s Proof of Reserve will offer reliable on-chain verification of the reserve assets backing the HKDR stablecoin. This partnership aims to enhance the use of HKDR for settling payments, facilitating cross-border transactions, and enabling the transfer of tokenized real-world assets.

RD Technologies CEO, Rita Liu, highlighted the significance of this collaboration in promoting the adoption of HKDR in various financial applications. Colin Cunningham, Head of RWA and Alliances at Chainlink Labs, emphasized the potential of HKDR in expediting the adoption of tokenized assets and streamlining cross-border payments.

Despite the positive news of the collaboration, the price of Chainlink’s native token, LINK, experienced a minor drop in value amid a broader market downturn. However, analysts remain optimistic about the future performance of LINK, expecting a potential increase in value during the upcoming altseason.