Hong Kong’s monetary regulator, the Hong Kong Monetary Authority (HKMA), announced an upgrade to its Project Ensemble pilot, allowing round‑the‑clock settlement of tokenized transactions. The change is intended to help banks and their clients move funds globally, manage tokenized investments and conduct treasury operations outside traditional settlement windows.
Project Ensemble developments
The HKMA said the EnsembleTX project now supports 24/7 real‑value transactions. Earlier phases of the pilot used Hong Kong’s existing dollar settlement system, which limited settlement to specific hours. Real‑value trials began in November 2025, and the regulator plans to introduce tokenized central bank money to enable continuous settlement.
Project Ensemble was launched in March 2024 to explore wholesale settlement using central bank digital money. A sandbox opened in August, allowing banks to connect tokenized deposit platforms and test transactions. HKMA Chief Executive Eddie Yue described tokenized central bank money as a “foundation layer” for 24/7 settlement, noting that tokenized bonds, money market funds and bank deposits are already in use.
Stablecoin and tokenized debt trials
Recognised dealers have completed secondary‑market trial trades in tokenized Exchange Fund Bills, a short‑term debt instrument issued by the regulator. The HKMA plans to expand these trials to include regulated stablecoins.
HSBC’s RedCoin rollout
HSBC Group reported that its Hong Kong dollar stablecoin, RedCoin, reached 50,000 users within about ten days of its launch on October 23. The token is available for transfers and merchant payments through HSBC’s PayMe application, and more than 3.3 million PayMe customers could activate stablecoin wallets. HSBC also intends to integrate RedCoin into its mobile banking app and support subscriptions to tokenized investments, such as a Hong Kong dollar money‑market fund share class.
In addition to retail use, HSBC is offering tokenized deposits to wholesale clients in Hong Kong and several other jurisdictions, enabling continuous fund movement.
Regulatory context
HSBC was among the first licensed stablecoin issuers in Hong Kong, receiving a licence in April alongside Anchorpoint Financial. The city’s licensing regime, introduced in August 2025, requires issuers to meet standards for backing reserves, redemption and risk management.
