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Hi Tom,
I'm not very familiar with the HDLC protocol. From what I understand, it is a data-layer protocol used for point to multi-point asynchronous systems. As RS-485 is a physical-layer protocol that also fits this description, I believe the two would be compatible. SN65HVD01 meets or exceeds all specifications set by the RS-485 standard and would therefore be well suited to implement is a system which desires point to multi-point asynchronous communication capabilities.
Let me know if you have any other questions.
Regards,
Eric