Hong Kong · Cointelegraph
Hong Kong takes tokenized settlement to 24/7, gears up stablecoin trials
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The HKMA plans to bring regulated stablecoins into tokenized government debt trials, while HSBC says its RedCoin stablecoin has reached 50,000 users.
Key facts
- 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
- 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
- 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
- The HKMA launched Project Ensemble in March 2024 to explore how banks could settle tokenized transactions using wholesale central bank digital money
Summary
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. Participating banks initially settled payments through Hong Kong’s existing dollar settlement system, which limited settlement hours. The HKMA launched Project Ensemble in March 2024 to explore how banks could settle tokenized transactions using wholesale central bank digital money.