Visa and Chainlink have completed a key milestone in the Hong Kong Monetary Authority’s (HKMA) e-HKD+ Pilot Programme, successfully testing a cross-border blockchain transaction using central bank digital currency (CBDC) and stablecoins. The trial, conducted in partnership with ANZ, ChinaAMC, and Fidelity International, is one of the first real-world simulations of programmable money being used
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Visa and Chainlink have completed a key milestone in the Hong Kong Monetary Authority’s (HKMA) e-HKD+ Pilot Programme, successfully testing a cross-border blockchain transaction using central bank digital currency (CBDC) and stablecoins.

The trial, conducted in partnership with ANZ, ChinaAMC, and Fidelity International, is one of the first real-world simulations of programmable money being used for cross-border investment in tokenized assets.

The test used Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to connect ANZ’s private blockchain, DASChain, with Ethereum’s (ETH) public testnet.

This enabled an Australian investor to exchange an AUD-backed stablecoin (A$DC) for e-HKD and use the digital Hong Kong dollar to purchase a tokenized money market fund (MMF) offered by asset managers in Hong Kong.

The process achieved near-instant settlement and was designed to eliminate the traditional risks of delayed cross-border transactions.

Streamlining fund access

Visa’s Tokenized Asset Platform (VTAP) powered the creation and movement of digital money, while Chainlink CCIP coordinated smart contracts for payment-versus-payment (PvP) and delivery-versus-payment (DvP) flows.

The pilot also included on-chain identity verification through Chainlink’s compliance services and tested token issuance using ERC-20 and ERC-3643 standards to evaluate regulatory compatibility and security features.

The simulation shows how investors in Australia could use either a CBDC or stablecoin to directly invest in Hong Kong-based funds, removing intermediaries, reducing wait times, and increasing transparency.

Currently, fund subscriptions can take two to three days to settle. With blockchain, the entire process could happen in seconds, around the clock, even on weekends and holidays.

Groundwork for scalable digital finance

With tokenized asset markets projected to exceed $2 trillion by 2030, the HKMA’s pilot reflects a growing global push to modernize capital markets through digital infrastructure.

The e-HKD+ initiative expands on earlier phases to include tokenized bank deposits and programmable payments across both public and permissioned blockchains.

Fidelity and ChinaAMC, who have issued tokenized funds in previous initiatives, highlighted how programmable digital money could improve fund issuance, reduce operational friction, and reach broader investor bases.

ANZ’s participation, including its A$DC stablecoin and role in FX conversion, further illustrates how traditional banks are integrating digital assets into cross-border finance.

The pilot will now enter its next phase, with end-to-end transaction testing and performance evaluation across compliance, speed, and interoperability. The results are expected to inform regulatory frameworks and set standards for future use of CBDCs and stablecoins in global financial markets.

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