Hong Kong Launches 24/7 Settlement for Tokenized Deposits Using Blockchain
Highlights
- Hong Kong's Project Ensemble now supports 24/7 interbank tokenized deposit settlement using central bank money.
- Twelve banks and twenty industry participants take part in Hong Kong's EnsembleTX settlement pilot.
- HKMA plans settlement trials involving regulated stablecoins following completed trades in tokenized Exchange Fund Bills.
Hong Kong has launched 24/7 settlement for tokenized deposits under Project Ensemble, enabling participating banks to process blockchain transactions using tokenized central bank money beyond traditional banking hours.
Hong Kong Expands 24/7 Tokenized Deposit Settlement
On November 2, the Hong Kong Monetary Authority (HKMA) announced the upgrade, confirming their continued participation in the EnsembleTX pilot. The upgraded system allows banks to settle tokenized deposit transactions using tokenized central bank money.
The HKMA reports that EnsembleTX now includes 12 participating banks and 20 industry pioneers. Previously, the pilot program facilitated interbank transactions in Hong Kong via its Real Time Gross Settlement system. However, the latest upgrade enables settlement outside conventional banking hours.
From now on, participating institutions can conduct transactions around the clock for corporate treasury operations and tokenized investment products. The system facilitates real value transactions between banks using tokenized central bank money.
The regulator introduced EnsembleTX in November 2025 to enable testing of transactions for deposits in tokens and digital assets. Financial institutions were invited to explore concepts of corporate treasury management and tokenized money market funds.
HKMA Plans Regulated Stablecoin Settlement Trials
During Hong Kong FinTech Week, HKMA Chief Executive Eddie Yue discussed the regulator’s tokenization plans. The authority confirmed that recognized dealers had completed transactions in the secondary market for Exchange Fund Bills (EFTs) tokenized.
The next testing stage will focus on regulated stablecoins in settlement, according to the HKMA. They have not specified a timeline for introducing this capability.
Project Ensemble Gains Support From Financial Institutions
Participating banks include HSBC, Standard Chartered, Bank of China Hong Kong, and other financial institutions. Julia Leung, CEO of the Securities and Futures Commission, welcomed the new settlement infrastructure for tokenized financial products.
She stated that tokenized deposits could support corporate treasury management and secondary trading of tokenized funds. The SFC will continue collaborating with the HKMA and financial institutions to develop further applications.
The HKMA has also introduced tConnect Launchpad with Cyberport to support testing involving financial institutions and digital asset companies. The platform aims to connect technology firms and financial institutions to explore tokenization applications.
Instant Currency Exchange at BestChange with Ease
- Compare rates across 1000+ exchanges
- Access 250+ cryptocurrencies and pairs
- Save time with real-time price tracking
- Trusted and verified exchange listings