Hong Kong began the live transaction phase after earlier Project Ensemble work examined how tokenized commercial bank deposits could be used alongside tokenized assets. Interbank settlement initially remained dependent on conventional payment infrastructure, leaving a gap between the continuous operation of distributed ledger systems and the hours during which central bank money could move between banks.
Hong Kong CBDC plan moves toward 24/7 settlement
The year end target moves EnsembleTX closer to providing both the tokenized commercial bank money used by participating institutions and a central bank settlement asset for transactions between them.
As crypto.news previously reported, Hong Kong’s latest policy program includes plans to support regulated stablecoin trading on licensed virtual asset platforms and use regulated stablecoins to settle tokenized money market funds. The Securities and Futures Commission is expected to refine rules for tokenized investment products, including gold and other suitable real world assets.
CBDC settlement under EnsembleTX serves a separate part of the tokenized financial system. Tokenized deposits represent commercial bank money, while the wholesale CBDC provides central bank money that can be used for settlement between participating financial institutions.
The HKMA said in its 2025 annual report that EnsembleTX would operate throughout 2026 and that its pilot environment would be progressively enhanced to support settlement in tokenized central bank money on a 24/7 basis.
Earlier e-HKD trials provided the groundwork. The HKMA completed the second phase of its digital currency pilot in 2025 after 11 projects tested e-HKD and tokenized deposits across financial use cases. The pilot findings indicated that both forms of digital money could support programmable transactions, after which the authority prioritized wholesale financial applications.
Wholesale CBDC will enter after hours derivatives settlement
A second use of wholesale e-HKD is being prepared with Hong Kong Exchanges and Clearing for derivatives trading outside normal banking hours.
HKEX and the HKMA are working to introduce a wholesale CBDC payment solution for after hours derivatives trading, with real value transactions targeted for 2026, according to the Policy Address.
The two institutions had already started an after hours CBDC pilot in June. The trial examines whether clearing participants can use e-HKD to transfer advance margin outside regular banking hours.
Under the existing process described when the pilot was announced, clearing participants seeking to have advance margin recognized for an after hours trading session have to submit deposit requests to HKFE Clearing Corporation by 3 p.m. The pilot allows participating firms to test real value transactions voluntarily, while any larger rollout remains subject to regulatory approval and market readiness.
HKEX Chief Operating Officer Vanessa Lau said at the time that the project was intended to provide a “more flexible and timely payment option” outside regular business hours. HKMA Deputy Chief Executive Howard Lee described the project as a test of wholesale CBDC in a live market environment.
HKMA will test more than HK$1.3 trillion in Exchange Fund Bills
Hong Kong’s tokenization plans extend beyond payments. The HKMA is preparing tests involving more than HK$1.3 trillion worth of Exchange Fund Bills before the end of 2026.
The Policy Address said the tests will examine the operation of tokenized Exchange Fund Bills and how banks can use the instruments around the clock for asset and liability management. The HK$1.3 trillion figure refers to the value of Exchange Fund Bills that could be used more efficiently through tokenization, rather than a statement that the entire amount will be tokenized in a single issuance.
That distinction clarifies an ambiguity in earlier information describing the initiative as an HK$1.3 trillion tokenization test. The Policy Address describes tests on the operation of tokenization involving a pool of more than HK$1.3 trillion worth of Exchange Fund Bills.
Hong Kong has already moved government and institutional debt onto digital infrastructure. The HKMA formed a tokenized bond expert group in June involving JPMorgan, HSBC, Standard Chartered, UBS, Ant Digital, HashKey Group and other institutions. At that point, Hong Kong had issued more than HK$6.8 billion in tokenized government bonds across several offerings.
Later that month, Hong Kong Mortgage Corporation priced an HK$12 billion digital bond, which it described as the world’s largest digital bond issuance. Orders reached roughly HK$24 billion from more than 100 institutional accounts in Hong Kong, mainland China and overseas markets.
The 2026 Policy Address said digital bonds issued in Hong Kong accounted for nearly 50% of the global market between 2025 and the first half of 2026. Authorities now plan to regularize digital bond issuance while examining the use of digital currencies across settlement, dividend payments and redemption.
Stablecoins are being brought into tokenized fund settlement
Regulated stablecoins are being developed as another settlement route within Hong Kong’s digital asset framework.
The government plans to promote their use for settling tokenized money market funds, while allowing regulated stablecoins to trade on licensed virtual asset platforms.
Hong Kong already has a live institutional example. Anchorpoint Financial began the phased rollout of HKDAP in August, giving institutional distributors and professional investors access to the Hong Kong dollar backed stablecoin for payments, fiat conversion and tokenized asset settlement.
Standard Chartered subsequently became HKDAP’s first bank distributor. The bank plans to introduce subscription and settlement services for tokenized money market funds during the fourth quarter of 2026 and work with international and Hong Kong asset managers.
Hong Kong’s Stablecoins Ordinance has been in force since Aug. 1, 2025, establishing HKMA licensing requirements covering reserve assets, redemption, governance, risk management and anti money laundering controls. Anchorpoint received an issuer license in April 2026 before moving HKDAP into live testing and its phased institutional rollout.
Meanwhile, the HKMA plans to keep expanding tokenized deposit applications beyond domestic financial markets. Hong Kong’s Policy Address said the authority will work with mainland China on trade finance use cases, with pilot transactions scheduled to be completed by the end of 2026.
