Hong Kong Moves Tokenized Settlement to 24/7 and Prepares Stablecoin Trials

The Hong Kong Monetary Authority said on Monday that its EnsembleTX project has reached a stage where real-value transactions can settle at any hour. Banks and their clients can now move money across borders, manage tokenized investments and run treasury tasks outside normal settlement windows. Early on, participating banks relied on the city’s existing dollar settlement system, which had limited operating hours. Tokenized central bank money is now being added as the base layer to remove that limit,

Project Ensemble and Tokenized Government Debt Trials

Project Ensemble began in March 2024 to test wholesale digital central bank money, and a sandbox followed that August. Recognized dealers have since finished secondary-market trial trades in tokenized Exchange Fund Bills, short term debt issued by the regulator. The next step is to bring regulated stablecoins into those trials.

HSBC RedCoin Stablecoin Reaches 50,000 Users

HSBC Group CEO Georges Elhedery said the bank’s Hong Kong dollar stablecoin, RedCoin, gained 50,000 users roughly 10 days after its Oct. 23 launch, and the goal is multi million users. It runs through the PayMe app, where over 3.3 million customers can activate wallets. HSBC also plans to add it to its mobile banking app and offer subscriptions to tokenized investments, including a Hong Kong dollar money market fund share class.

Stablecoin Licensing and Wholesale Tokenized Deposits

HSBC also provides tokenized deposits to wholesale clients in Hong Kong and about half a dozen other places, letting funds move all day and night. It was among the first licensed stablecoin issuers in April, alongside Anchorpoint Financial, backed by Animoca Brands and Standard Chartered. The licensing regime, introduced in August 2025, sets rules for reserves, redemption and risk management.