The Hong Kong Monetary Authority said it has moved its EnsembleTX project, part of the broader Project Ensemble pilot, to a stage that allows real-value settlement of tokenized transactions around the clock. The announcement came at Hong Kong FinTech Week on Monday.
Settlement around the clock
Eddie Yue, HKMA Chief Executive, said the authority is introducing tokenized central bank money as a foundation layer for continuous settlement. He noted that tokenized bonds, money market funds and bank deposits are already in use within the scheme.
Participating banks had previously relied on Hong Kong’s existing dollar settlement system, which restricted the hours trades could clear. That changed when real-value trials began in November 2025, at which point the HKMA signalled it wanted tokenized central bank money to support settlement at any hour. Project Ensemble itself launched in March 2024, with a sandbox opening later that year. Recognized dealers have since completed secondary-market trial trades in tokenized Exchange Fund Bills, and the HKMA plans to bring regulated stablecoins into further trials involving those bills.
RedCoin gains early users
Georges Elhedery, HSBC Group CEO, said the bank’s Hong Kong dollar stablecoin, RedCoin, has reached 50,000 users roughly 10 days after its debut. He said HSBC is aiming for what he called multi-million users.
RedCoin launched on October 23 for transfers and merchant payments through PayMe, the bank’s payments app, which counts 3.3 million customers eligible to activate stablecoin wallets. HSBC was among Hong Kong’s first licensed stablecoin issuers, approved in April alongside Anchorpoint Financial, under a licensing regime the territory introduced in August 2025.
HSBC also provides tokenized deposits to wholesale clients in Hong Kong and in roughly six other jurisdictions.
Source: Hong Kong Monetary Authority
