Chainlink Smashes Barriers: First-Ever CBDC Swap Executed on DeFi Protocol

History made—Chainlink's oracles just bridged the gap between centralized digital currencies and decentralized finance. No more theoretical use cases: real-world CBDC swaps are now live.

The DeFi-CBDC marriage is finally consummated

After years of "coming soon" announcements from central banks, a working implementation beats endless pilot programs. Who knew the private sector would deliver first? (Okay, everyone knew.)

Wall Street's worst nightmare: DeFi keeps eating their lunch

While TradFi institutions debate ISO 20022 compliance timelines, Chainlink's tech just bypassed legacy rails entirely. Another reminder that innovation moves faster than committee approvals.

One small swap for Chainlink, one giant leap for financial infrastructure—unless regulators kill the party tomorrow.

TLDR

• Chainlink Powers First CBDC-Stablecoin Swap Across Borders

• Chainlink’s CCIP Unites CBDCs and Stablecoins in Live Pilot

• Visa, ANZ, Fidelity Back Chainlink’s Cross-Border Exchange

• Chainlink Delivers Instant CBDC Settlements Without Banks

• Stablecoin Meets CBDC: Chainlink Bridges TradFi and Web3

Chainlink has enabled a secure and real-time swap between a Hong Kong central bank digital currency and an Australian stablecoin. The pilot marks the first practical demonstration of cross-border interoperability between a state-backed CBDC and a commercial stablecoin. The exchange used smart contracts to settle funds directly without relying on intermediaries or traditional clearing systems.

Chainlink’s Protocol Connects e-HKD with ASDC

The pilot used Chainlink’s Cross-Chain Interoperability Protocol to execute a seamless exchange between e-HKD and the Australian dollar stablecoin ASDC. The Hong Kong Monetary Authority supervised the transaction under the e-HKD+ Phase 2 pilot to test real-world CBDC functionality. Consequently, the transaction showcased how CCIP can unify isolated blockchain systems for financial institutions.

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

The Australian and New Zealand Banking Group issued ASDC as the counterpart digital currency in the exchange framework. Chainlink’s infrastructure ensured both assets moved securely and atomically without delays. In effect, this reduced settlement risk and eliminated the need for custodial layers or off-chain reconciliation.

The CCIP system validated the digital asset exchange by maintaining synchronized execution and cross-chain messaging workflow. This approach bridged both public and permissioned chains. Hence, it laid the foundation for compliant, programmable money in a hybrid blockchain economy.

Major Institutions Support the Exchange Test

Leading financial institutions, including Visa, Fidelity International, China Asset Management, and ANZ joined the transaction pilot. These participants tested the digital exchange using Chainlink’s decentralized oracle network to confirm value transfer. Their involvement underscored growing institutional support for integrating blockchain in regulated financial environments.

The firms contributed to developing the operational framework that governed data flows, risk controls, and finality confirmation. This allowed the swap to execute within a compliant structure while maintaining blockchain-native speed. Moreover, this joint effort shows how traditional players can work with DeFi systems in critical infrastructure roles.

Each institution is also exploring long-term strategies for tokenized settlements, including bonds and payments.  This pilot may serve as a model for more scalable digital currency trials. Financial firms are now increasingly open to adopting blockchain protocols that meet both technical and legal requirements.

Stablecoin and CBDC Synergy Signals New Settlement Model

The exchange between a CBDC and a stablecoin marked a significant milestone for programmable digital assets. Traditional settlement methods often rely on slow, expensive, and opaque processes that involve multiple intermediaries. This blockchain-based model enables near-instant cross-border clearing with full traceability.

The pilot demonstrates the technical readiness of stablecoin-CBDC interoperability. It also indicates that blockchain can support institutional-grade compliance and transaction controls. Therefore, such real-world cases improve the credibility of Web3 systems in legacy financial frameworks.