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Chainlink and Ida Finance: stablecoin for the Hong Kong market.
By Daniele Corno
Hong Kong tech company Ida Finance partners with Chainlink for HKDA stablecoin: integrated CCIP and Proof of Reserve
A new standard of transparency for HKDA
IDA Finance has partnered with Chainlink to make the HKDA stablecoin more secure and transparent. HKDA is a stablecoin pegged to the Hong Kong dollar, maintaining a 1:1 ratio.
Hong Kong-based stablecoin issuer @IDAfi24 is integrating #Chainlink Proof of Reserve to provide enhanced visibility into the reserves backing the HKDA stablecoin.
IDA also plans to integrate CCIP to enable secure cross-chain transfers.https://t.co/BiPONeSdWU pic.twitter.com/PEqjzVMnMf
— Chainlink (@chainlink) October 9, 2024
Using Chainlink’s Proof of Reserve ( PoR) technology , users can check in real time whether the reserves match the number of HKDAs issued. This technology eliminates the need to trust IDA, making the product “trustless.”
The PoR system constantly monitors reserves. Each unit of HKDA is backed by a corresponding amount of Hong Kong dollars . This approach meets the growing demands for transparency in the cryptocurrency world. In recent years, many stablecoins have faced criticism due to scandals related to lack of adequate reserves. Investor confidence has been eroded, highlighting the need for stricter standards.
Increased interoperability through CCIP
In addition to PoR, IDA also integrates Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This protocol allows assets to be transferred between different blockchains securely and quickly. With CCIP, the HKDA stablecoin will be able to be used on multiple blockchains, increasing its usefulness in the decentralized finance and Tradfi landscape.
IDA is already working with banks, exchanges and other institutions to push HKDA adoption. Currently, the market value of stablecoins exceeds $170 billion, and HKDA aims to capture a slice of this market.
Stablecoin will be used in various areas, such as payments and trading. In the future, IDA plans to create other stablecoins pegged to different currencies, including the U.S. dollar, further expanding its ecosystem.
