Banks in Hong Kong can now settle tokenized deposit transactions around the clock using tokenized central bank money, according to an announcement on Monday by the Hong Kong Monetary Authority (HKMA). This development forms part of the live pilot known as EnsembleTX, under the broader Project Ensemble initiative led by the HKMA.
Wider participation and key industry stakeholders
EnsembleTX has expanded to include 12 participating banks and 20 industry stakeholders, bringing together prominent financial institutions and technology pioneers. Among the participants are HSBC, Standard Chartered Bank (Hong Kong), Bank of China (Hong Kong), China Construction Bank (Asia), and ICBC (Asia). Industry names such as Ant International, BlackRock, and China Asset Management (Hong Kong) have also joined as pioneers in this venture.
Project Ensemble, orchestrated by the HKMA, seeks to facilitate the integration of tokenized assets and central bank digital functionalities into Hong Kong’s banking system. The project aims to provide a more efficient, transparent, and secure financial ecosystem through innovative use of distributed ledger technology.
Mini dictionary: Project Ensemble — A digital finance initiative by the HKMA designed to explore and implement tokenization of money and assets within Hong Kong’s banking sector, initially focusing on interbank clearing and settlement processes.
Transition toward commercialization and industry impact
Eddie Yue, Chief Executive of the HKMA, stated that “the project has moved from experimentation and piloting to a new phase focused on promoting the commercialization of tokenization applications in Hong Kong.” Yue highlighted that global adoption of tokenized deposits by banks was becoming an emerging trend.
Yue emphasized that the new phase of Project Ensemble focuses on turning tokenization demonstrations into commercially viable applications and noted the increasing momentum of tokenized deposit launches worldwide.
The pilot initially cleared interbank transactions using the Hong Kong dollar Real Time Gross Settlement (RTGS) system, with plans to extend this capability to continuous, 24/7 settlement through tokenized central bank money. Banks have already used the platform for actual corporate treasury transactions and tokenized money market fund deals.
Operational upgrades and cross-border features
With instant settlement in money issued directly by the HKMA, participating banks are no longer restricted by RTGS operating hours and can complete interbank payments at any time. While stablecoins operate within Hong Kong’s regulated sector, the current rollout focuses exclusively on HKMA-issued central bank money and bank deposits; stablecoins were not featured in Monday’s release.
Julia Leung, CEO of the Securities and Futures Commission (SFC), stated that tokenized deposits now allow for continuous transactions, encompassing corporate treasury management and secondary trading of tokenized funds on licensed platforms. This shift signals a step forward for digital asset integration within the mainstream financial system.
Leung underscored that tokenized deposits can enable 24/7 corporate treasury operations and facilitate real-time trading of tokenized funds across approved trading venues.
New initiatives and expansion of tokenization
Financial Secretary Paul Chan announced during Hong Kong FinTech Week that the new system will support tokenized deposits for cross-border payments. Chan also indicated that the HKMA is testing tokenized Exchange Fund Bills and advancing tokenization use cases with Cyberport, Hong Kong’s digital technology hub. Last week, two SFC-authorized tokenized money market funds began around-the-clock trading on a licensed platform. In April, the HKMA granted its first stablecoin issuer licenses, one of which went to HSBC. HSBC subsequently launched RedCoin, a Hong Kong dollar-denominated stablecoin, and participates in EnsembleTX.
Christopher Hui, Secretary for Financial Services and the Treasury, revealed that a forthcoming interbank tokenized gold project on Ensemble will allow gold tokens, each representing one standard 400-ounce bar, to be transacted alongside tokenized deposits.
Project Ensemble previously attracted asset managers such as Franklin Templeton, which collaborated with HSBC and digital asset platform OSL to introduce a tokenized money market fund in November 2025. The platform continues to serve as a testing ground for additional tokenization applications in Hong Kong’s financial sector.
| Feature | Before (RTGS System) | Now (Tokenized CB Money) |
|---|---|---|
| Settlement hours | Limited to RTGS operating hours | 24/7, continuous |
| Settlement asset | Regular bank deposits in HKD | Tokenized central bank money and deposits |
| Corporate treasury deals | Manual or scheduled | Instant, real-value deals possible |
