Hong Kong has expanded its Project Ensemble pilot to enable 24/7 settlement of tokenized transactions, as the Hong Kong Monetary Authority prepares to include regulated stablecoins in trials involving tokenized government debt.
The HKMA said its EnsembleTX project had entered a new phase allowing real-value transactions around the clock. The regulator said the change would help banks and clients transfer funds globally, manage tokenized investments and conduct treasury operations outside traditional settlement hours.
Earlier pilot participants settled payments through Hong Kong’s existing dollar settlement system, which restricted operating hours. When real-value trials began in November 2025, the HKMA said it intended to introduce tokenized central bank money to support continuous settlement.
Project Ensemble was launched in March 2024 to examine how banks could settle tokenized transactions using wholesale central bank digital money. A sandbox opened in August of that year, allowing banks to connect tokenized deposit platforms and test transactions.
Speaking at Hong Kong FinTech Week, HKMA Chief Executive Eddie Yue described tokenized central bank money as a foundation layer for 24/7 settlement. The HKMA said tokenized bonds, money market funds and bank deposits were already being used.
The regulator also said recognized dealers had completed secondary-market trial trades in tokenized Exchange Fund Bills, a short-term debt instrument issued by the HKMA. It plans to extend those trials to regulated stablecoins.
Separately, HSBC Group CEO Georges Elhedery said the bank’s Hong Kong dollar stablecoin, RedCoin, had reached 50,000 users around 10 days after its launch. He said HSBC was targeting several million users as access to the token expands.
RedCoin was launched on Oct. 23 for transfers and merchant payments through HSBC’s PayMe application. The bank said more than 3.3 million PayMe customers could activate stablecoin wallets. HSBC also plans to add the stablecoin to its mobile banking app and support subscriptions to tokenized investments, including a Hong Kong dollar money market fund share class.
HSBC is also offering tokenized deposits to wholesale clients in Hong Kong and about half a dozen other jurisdictions, enabling funds to move around the clock. The bank was among Hong Kong’s first licensed stablecoin issuers in April, alongside Anchorpoint Financial, a venture backed by Animoca Brands and Standard Chartered.
Hong Kong’s stablecoin licensing regime, introduced in August 2025, requires issuers to meet standards covering reserves, redemption and risk management.
Sources: Cointelegraph.