The HKMA plans to bring regulated stablecoins into tokenized government debt trials, while HSBC says its RedCoin stablecoin has reached 50,000 users.
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.
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