Joerg Hiller
Nov 13, 2025 05:40
The Hong Kong Monetary Authority launches EnsembleTX, advancing Project Ensemble to support real-value tokenised deposit transactions and digital assets.
The Hong Kong Monetary Authority (HKMA) has announced the launch of EnsembleTX, marking the beginning of the pilot phase of Project Ensemble. This development is seen as a significant step towards enabling real-value transactions involving tokenised deposits and digital assets within a controlled pilot environment, according to the Hong Kong Monetary Authority.
Advancing Tokenisation
EnsembleTX builds on the success of the Ensemble Sandbox, which since August 2024, has allowed industry pioneers to test digital asset transactions using experimental tokenised deposits. The pilot phase aims to enhance the speed, transparency, and efficiency of settling real-value tokenised transactions. Initially, the focus will be on empowering market participants to use tokenised deposits in money market fund transactions and manage liquidity and treasury needs in real-time.
Operational Framework
EnsembleTX will operate throughout 2026, initially facilitating interbank settlement of tokenised deposit transactions via the HKD Real Time Gross Settlement (RTGS) system. The pilot environment will be progressively enhanced to enable settlement in tokenised Central Bank Money (CeBM) on a 24/7 basis, supporting the continuous development of Hong Kong’s broader tokenisation ecosystem.
Collaboration with SFC
The HKMA is collaborating with the Securities and Futures Commission (SFC), a key partner in the Ensemble Architecture Community, to advance the practical applications of tokenisation technology across various asset classes and sectors within the financial industry. This partnership aims to scale the tokenisation of investment products by enhancing interoperability.
Leadership Perspectives
Mr. Eddie Yue, Chief Executive of the HKMA, emphasized that EnsembleTX represents a pivotal moment, transitioning from proof-of-concept to real-value settings. He invited stakeholders with innovative use cases leveraging tokenised deposits to participate in developing Hong Kong’s tokenisation ecosystem.
Ms. Julia Leung, CEO of the SFC, highlighted the importance of interoperability in scaling tokenisation. She expressed the SFC’s commitment to working with the HKMA and market participants to drive forward advanced tokenisation use cases and build a dynamic financial ecosystem.
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