Hong Kong’s central bank says its tokenisation pilot can now settle real money around the clock, and that regulated stablecoins are next in line to join its trials.
The Hong Kong Monetary Authority said on Monday that it has moved Ensemble TX “to a new stage, enabling 24/7 real-value transactions”. In the same FinTech Week announcement, the HKMA said it had completed trial trades in which Recognised Dealers bought and sold tokenised Exchange Fund Bills in the secondary market, and that it “will soon expand the trials to include regulated stablecoins”.
The update was one of four packages the HKMA announced as it opened Hong Kong FinTech Week 2026 with Invest Hong Kong. The others cover agentic AI in banking, a post-quantum cryptography toolkit and a link between the Faster Payment System and UnionPay International. For crypto markets, the tokenisation piece is the one with consequences.
From banking hours to all hours
Ensemble TX is the pilot phase of Project Ensemble. The HKMA launched it in November 2025 to let banks settle real-value transactions in tokenised deposits and digital assets. When it started, interbank settlement ran through the HKD Real Time Gross Settlement system, which keeps normal operating hours. The HKMA said in its launch release that the platform would be upgraded over time to settle in tokenised central bank money on a 24/7 basis.
Monday’s announcement says that step is done for real-value transactions. The HKMA listed the uses it has in mind: moving funds between markets as they open and close, managing portfolios of tokenised assets and running corporate treasuries without waiting for the next business day. Fintech News Hong Kong described the change as 24/7 interbank settlement in central bank digital currency.
Crypto markets never close, but the bank money used to buy tokenised funds and bonds has been tied to office hours. A 24/7 settlement layer for tokenised deposits removes one of the main frictions between the two.
Why Exchange Fund Bills matter
Exchange Fund Bills are short-term Hong Kong dollar debt issued by the HKMA, and banks pledge them to borrow liquidity from the central bank. The government’s Policy Address in September committed the HKMA to testing tokenised versions by year-end. The completed dealer trades show the bills can change hands on a ledger, and the HKMA said that should make secondary trading and repo more efficient.
The release does not name the participating dealers, the ledger used or the size of the trades. It also does not say whether the HKMA will accept tokenised bills as collateral in its own liquidity facilities. Until that happens, the tokenised bills remain a test product rather than part of how banks manage day-to-day liquidity.
Stablecoins join the queue
The stablecoin line is short, but it fits a sequence that has been building all year. The HKMA granted its first stablecoin issuer licences in April. Anchorpoint, the venture led by Standard Chartered, began an institutional rollout of its HKDAP token on August 12. HSBC launched RedCoin (RCHKD) on October 23 through its PayMe app, which has more than 3.3 million users, and said it plans to let customers subscribe to tokenised investment products with the coin later this year.
Bringing those coins into Ensemble trials would put licensed private money on the same rails as tokenised deposits and central bank settlement. The HKMA gave no date beyond “soon” and did not say which stablecoins would take part.
The HKMA also launched tConnect Launchpad with Cyberport. The programme is meant to bring financial institutions, technology firms and digital asset companies together to test tokenisation use cases.
The securities side
The Securities and Futures Commission spoke at the event as well. Chief executive Julia Leung said Hong Kong firms are leading in tokenisation, but that it will scale only when it delivers tangible economic benefits. According to Fintech News Hong Kong, she said the SFC had authorised 17 tokenised retail products with US$1.3 billion in assets under management by September 2026, up 34% over 12 months. The SFC also plans a cybersecurity framework for licensed firms, with stricter requirements for those with higher risk profiles.
Eddie Yue, the HKMA’s chief executive, said banks and fintech firms can now “better harness data, A.I., tokenisation and other emerging technologies”.
FAQ
What is Ensemble TX?
It is the HKMA’s pilot platform, launched in November 2025, for settling real-value transactions in tokenised deposits and digital assets. It now supports 24/7 real-value transactions.
Are stablecoins part of Project Ensemble?
Not yet. The HKMA said on November 2 that it will soon expand its trials to include regulated stablecoins, without naming issuers or a date.
What are tokenised Exchange Fund Bills?
They are on-ledger versions of the HKMA’s short-term HKD debt. The HKMA said Recognised Dealers have completed secondary market trial trades in them.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
