Hong Kong Enables 24/7 Tokenized Settlement, Plans Stablecoin Trials

Hong Kong has expanded its Project Ensemble pilot to support round-the-clock settlement of tokenized transactions, while preparing trials involving regulated stablecoins and tokenized government debt. According to Cointelegraph, the Hong Kong Monetary Authority (HKMA) said on Monday that its EnsembleTX project had advanced to a stage allowing 24/7 real-value transactions. The regulator said the change would help banks and clients move funds globally, manage tokenized investments and conduct treasury operations outside conventional settlement hours. Initially, participating banks settled payments through Hong Kong’s existing dollar settlement system, which restricted settlement to set hours. When real-value trials began in November 2025, the HKMA said it planned to introduce tokenized central bank money to enable continuous settlement. The HKMA launched Project Ensemble in March 2024 to explore settlement of tokenized transactions using wholesale central bank digital money, and opened a sandbox that August for banks to connect tokenized deposit platforms and test transactions. Speaking at Hong Kong FinTech Week on Monday, HKMA Chief Executive Eddie Yue described tokenized central bank money as a “foundation layer” for 24/7 settlement, adding that tokenized bonds, money market funds and bank deposits were already in use. The HKMA said recognized dealers had completed secondary-market trial trades in tokenized Exchange Fund Bills and that it plans to expand trials to regulated stablecoins. Separately, HSBC Group CEO Georges Elhedery said at Hong Kong FinTech Week that the bank’s Hong Kong dollar stablecoin, RedCoin, had reached 50,000 users about 10 days after its debut. Elhedery said HSBC was targeting “multi-million users” as it expands access. The launch brings stablecoins into retail payments, while Ensemble’s settlement work has focused on banks and tokenized investments. HSBC is also offering tokenized deposits to wholesale clients in Hong Kong and about half a dozen other jurisdictions, enabling funds to move around the clock. The bank launched RedCoin on Oct. 23 for transfers and merchant payments through its PayMe application. HSBC said more than 3.3 million PayMe customers could activate stablecoin wallets, and it plans to add the token to its mobile banking app and enable subscriptions to tokenized investments, including a Hong Kong dollar money market fund share class. HSBC was among Hong Kong’s first licensed stablecoin issuers in April, alongside Anchorpoint Financial, a venture backed by Animoca Brands and Standard Chartered. The city’s licensing regime, introduced in August 2025, requires issuers to meet standards for reserve backing, redemption and risk management.