IDA Is Integrating Chainlink To Enhance Transparency of Its HKDA Stablecoin Backed 1:1 By the Hong Kong Dollar
HONG KONG, Oct. 9, 2024 /PRNewswire/ — IDA, a Hong Kong-based fiat-referenced stablecoin issuer, is integrating Chainlink’s industry-standard services for tokenized assets. Those include Chainlink Proof of Reserve (PoR) for verifying asset collateralization and the Chainlink Cross-Chain Interoperability Protocol (CCIP) for the secure movement of cross-chain data and value to support its upcoming HKDA stablecoin issuance, which is backed 1:1 by the Hong Kong dollar.
The Chainlink integration gives HKDA users enhanced visibility into the reserves backing the stablecoin through Chainlink’s secure and reliable onchain PoR data. IDA also plans to integrate Chainlink CCIP, which will enable IDA to securely mobilize HKDA across multiple blockchains, ultimately enhancing the token’s utility and accessibility.
“Chainlink is the industry standard for verifying the collateralization of digital assets onchain and moving them cross-chain, providing our ecosystem partners with enhanced assurances regarding the stability and backing of HKDA, as well as increased accessibility to HKDA by making it available across various chains” said Sean Lee, co-founder and CSO of IDA.
IDA is currently collaborating with leading financial institutions, banks, traditional exchanges, virtual asset exchanges, retail businesses, and real-world asset (RWA) issuers on the use of HKDA as a secure payments vehicle and institutional trading instrument in digital asset markets. “The ability to tokenize RWAs not only streamlines transactions and reduces costs, but also enhances market efficiency, making it easier for businesses to manage and trade their assets. This innovation will undoubtedly stimulate the economy and transform the financial landscape,” Lee added.
Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs said, “We are excited to be IDA’s technical partner and provide a solution that enables greater visibility into the asset collateralization behind the stablecoin while powering secure cross-chain movement. Our goal is to not only advance the adoption of HKDA as a payments vehicle for cross-border transactions but also support the development of tokenized real-world assets. Tokenized money, including stablecoins, has the potential to unlock quadrillions of dollars of tokenized assets, bringing more liquidity to the market.”
About IDA Finance Hong Kong Limited (IDA)
IDA is the premier digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3.
HKDA, a fiat-referenced stablecoin built on public blockchain protocols, will be the first product launched by IDA. HKDA is designed to drive enhanced digital connectivity for seamless commerce and payments between Hong Kong and global markets, 24/7/365. To maintain the highest level of security and stability, all circulating HKDA will always be fully backed by at least 100% reserve assets in regulated Hong Kong based authorized institutions.
To maximize the network effect of HKDA for domestic and cross-border usage, IDA is partnering with key industry players to facilitate the minting, redemption and widespread acceptance of HKDA as a payment and settlement digital currency. In subsequent phases, IDA will also launch key products denominated in other US Dollar (USD) pegged currencies with ecosystem partners across regulated financial institutions and Web3 platforms.
More information can be found at idafi.xyz / LinkedIn / X
About Chainlink
Chainlink is the universal platform for pioneering the future of global markets onchain. Chainlink has enabled over $15 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.
SOURCE Chainlink; IDA
