Hong Kong Expands 24/7 Tokenized Settlements, Tests Stablecoins

The Hong Kong Monetary Authority (HKMA) has advanced its Project Ensemble pilot to EnsembleTX, enabling banks and clients to settle tokenized transactions around the clock. The 24/7 infrastructure is intended to support global fund transfers, tokenized investment management and treasury operations outside conventional banking hours.

HKMA Chief Executive Eddie Yue said tokenized central bank money will serve as the foundation for round-the-clock settlement. Project Ensemble launched in March 2024 and opened a sandbox that August, before moving to real-value transactions in November 2025. Tokenized bonds, money market funds and bank deposits are already being used within the initiative.

The regulator also reported that recognized dealers completed secondary-market trial trades involving tokenized Exchange Fund Bills, short-term debt issued by the HKMA. It plans to expand those trials to regulated stablecoins, connecting Hong Kong’s tokenized government-debt market with digital payment assets.

HSBC is also scaling its Hong Kong stablecoin, RedCoin, which reached 50,000 users roughly 10 days after its October 23 launch. CEO Georges Elhedery said the bank is targeting millions of users as RedCoin expands across transfers and merchant payments. HSBC is separately offering tokenized deposits to wholesale clients in Hong Kong and about six other jurisdictions, enabling funds to move continuously rather than only during conventional settlement hours.