Hong Kong Enables 24/7 Tokenized Settlements, Plans Stablecoin Trials
The HKMA said the update will let banks move funds and manage tokenized investments around the clock as it plans stablecoin trials.
- On Monday at Hong Kong FinTech Week, HKMA Chief Executive Eddie Yue announced that EnsembleTX has advanced to enable 24/7 real-value tokenized settlements, removing previous constraints tied to traditional banking hours.
- The HKMA launched Project Ensemble in March 2024 to explore how tokenized assets operate within financial systems, as participating institutions previously relied on traditional infrastructure that limited transactions to conventional business hours.
- EnsembleTX enables financial institutions to process transactions involving tokenized bonds, money market funds, and bank deposits. Dealers have already completed secondary-market trial trades involving tokenized Exchange Fund Bills, short-term debt instruments.
- Regulators now plan to integrate regulated stablecoins into future government debt trading trials. HSBC Group CEO Georges Elhedery reported that the bank's Hong Kong dollar stablecoin, RedCoin, reached 50,000 users about 10 days after launching.
- HSBC is targeting "multi-million users" as it expands RedCoin access through its PayMe application, which serves more than 3.3 million customers in Hong Kong. The bank also plans to include the stablecoin in mobile banking subscriptions.
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18 Articles
HKMA Pilot Lets Banks Settle Tokenized Deposits Nights and Weekends in Central Bank Money
Banks in Hong Kong can now settle tokenized deposit transactions with one another 24 hours a day, seven days a week, using tokenized central bank money, the Hong Kong Monetary Authority (HKMA) announced on Monday. The new capability sits inside EnsembleTX, the live pilot of the HKMA’s Project Ensemble. The pilot now counts 12 participating banks and 20 industry pioneers. Banks named in the release include HSBC, Standard Chartered Bank (Hong Kong…
Hong Kong enforces 24/7 settlement and subordinates stablecoins to state banking - The Cryptocurrency Post
The Hong Kong Monetary Authority launched the operational phase of Project Ensemble during Hong Kong FinTech Week. The infrastructure links tokenized commercial deposits directly with wholesale central bank money to execute continuous interbank settlements without traditional scheduling limitations. This operational deployment addresses a persistent structural contradiction across capital markets. Issuing real-world assets or municipal debt […]
Hong Kong Plans Stablecoin Trials As 24/7 Tokenized Settlement Begins
Hong Kong has expanded its EnsembleTX platform to support round-the-clock settlement of tokenized financial transactions. The HKMA also completed secondary-market trials involving tokenized Exchange Fund Bills, with regulated stablecoin payments planned next. Meanwhile, HSBC reported 50,000 users for its newly launched RedCoin.
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