Hong Kong has expanded its Project Ensemble pilot to allow round-the-clock settlement of tokenized 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 (HKMA) said that it had advanced its EnsembleTX project to a new stage allowing 24/7 real-value transactions. The HKMA said the update would help banks and their clients move funds globally, manage tokenized investments and handle treasury operations outside conventional settlement hours.
Participating banks initially settled payments through Hong Kong’s existing dollar settlement system, which limited settlement hours. When the pilot began real-value trials in November 2025, the HKMA said it planned to introduce tokenized central bank money to allow settlement 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. A sandbox opened that August, allowing banks to connect their tokenized deposit platforms and test transactions.
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 being used.
The HKMA also said recognized dealers had completed secondary-market trial trades in tokenized Exchange Fund Bills, a form of short-term debt issued by the regulator. It plans to expand those trials to include regulated stablecoins.
HSBC’s RedCoin reaches 50,000 users
Separately, HSBC Group CEO Georges Elhedery said at Hong Kong FinTech Week that the bank’s recently launched Hong Kong dollar stablecoin, RedCoin, had reached 50,000 users about 10 days after its debut.
“We have 50,000 users,” Elhedery said, adding that HSBC was targeting “multi-million users” as it expands access to the token.
RedCoin’s rollout brings stablecoins to retail payments, while Ensemble’s settlement work has focused on transactions involving banks and tokenized investments.
Elhedery said HSBC was also offering tokenized deposits to wholesale clients in Hong Kong and about half a dozen other jurisdictions, allowing funds to move around the clock.
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The bank launched RedCoin on Oct. 23 for transfers and merchant payments through its PayMe application. HSBC 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. The city’s licensing regime, introduced in August 2025, requires issuers to meet standards for backing reserves, redemption and risk management.
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