Hong Kong has expanded its tokenized settlement pilot to support round-the-clock real-value transactions, as the city’s monetary regulator prepares to bring regulated stablecoins into trials involving tokenized government debt.
On Monday, the Hong Kong Monetary Authority said its EnsembleTX project had moved into a new stage that allows 24/7 settlement. The regulator said the change would let banks and their clients move funds globally, manage tokenized investments and handle treasury operations outside conventional settlement hours.
Project Ensemble moves into a new stage
At the start of the pilot, participating banks settled payments through Hong Kong’s existing dollar settlement system, which meant settlement hours were limited. When real-value trials began in November 2025, the HKMA said it planned to introduce tokenized central bank money so settlement could run around the clock.
The HKMA launched Project Ensemble in March 2024 to explore how banks could settle tokenized transactions using wholesale central bank digital money. In August 2024, it opened a sandbox that allowed banks to connect tokenized deposit platforms and test transactions.
HKMA says tokenized central bank money will serve as the foundation layer
Speaking at Hong Kong FinTech Week on Monday, HKMA Chief Executive Eddie Yue said the regulator was introducing tokenized central bank money as a "foundation layer" for 24/7 settlement. He said tokenized bonds, money market funds and bank deposits were already in use.
The HKMA also said recognized dealers had completed secondary-market trial trades in tokenized Exchange Fund Bills, a short-term debt instrument issued by the regulator. It plans to expand those trials to include regulated stablecoins.
HSBC says RedCoin has reached 50,000 users
Separately at Hong Kong FinTech Week, HSBC Group CEO Georges Elhedery said the bank’s recently launched Hong Kong dollar stablecoin, RedCoin, had reached 50,000 users about 10 days after launch.
"We have 50,000 users," Elhedery said, adding that HSBC was targeting "multi-million users" as it broadened access to the token.
RedCoin brings stablecoins into retail payments, while Ensemble’s settlement work has focused on transactions involving banks and tokenized investments.
Elhedery also said HSBC was offering tokenized deposits to wholesale clients in Hong Kong and about half a dozen other jurisdictions, allowing funds to move around the clock.
RedCoin launched through PayMe and may expand into tokenized investment subscriptions
HSBC launched RedCoin on Oct. 23 for transfers and merchant payments through its PayMe application. The bank said more than 3.3 million PayMe customers could activate stablecoin wallets to use the token.
It also plans to bring the stablecoin into its mobile banking app and allow subscriptions to tokenized investments, including a Hong Kong dollar money market fund share class.
HSBC 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 introduced its stablecoin licensing regime in August 2025. Under the framework, issuers must meet standards covering backing reserves, redemption and risk management.
