Hong Kong Enables 24/7 Tokenized Settlements, Plans Stablecoin Trials
Hong Kong Enables Round-the-Clock Tokenized Settlement
Hong Kong has expanded its Project Ensemble pilot to allow round-the-clock settlement of tokenized transactions, the Hong Kong Monetary Authority (HKMA) said on Monday. The change lets banks and their clients move funds, manage tokenized investments, and handle treasury operations outside conventional settlement hours. The regulator also plans to bring regulated stablecoins into trials involving tokenized government debt.
Key Numbers and Dates
- The HKMA advanced its EnsembleTX project to support 24/7 real-value transactions.
- Real-value trials began in November 2025.
- HSBC's RedCoin stablecoin reached 50,000 users about 10 days after launching on October 23.
- More than 3.3 million PayMe customers can activate stablecoin wallets for RedCoin.
- Hong Kong's stablecoin licensing regime started in August 2025.
What the Hong Kong Monetary Authority Said
The HKMA launched Project Ensemble in March 2024 to explore how banks could settle tokenized transactions using wholesale central bank digital money. A sandbox opened that August. Speaking at Hong Kong FinTech Week, HKMA Chief Executive Eddie Yue described tokenized central bank money as a foundation layer for 24/7 settlement. The regulator said recognized dealers had completed secondary-market trial trades in tokenized Exchange Fund Bills, a form of short-term debt issued by the HKMA. It plans to expand those trials to include regulated stablecoins.
HSBC's RedCoin Reaches 50,000 Users
Separately, HSBC Group CEO Georges Elhedery said at Hong Kong FinTech Week that RedCoin had reached 50,000 users about 10 days after its debut. The bank launched RedCoin on October 23 for transfers and merchant payments through its PayMe application. HSBC said more than 3.3 million PayMe customers could activate stablecoin wallets to use the token. The bank plans to bring the stablecoin into its mobile banking app and allow subscriptions to tokenized investments, including a Hong Kong dollar money market fund share class. Elhedery said HSBC was targeting multi-million users as it expands access.
HSBC was among Hong Kong's first licensed stablecoin issuers in April alongside Anchorpoint Financial, a venture backed by Animoca Brands and Standard Chartered. The city's licensing regime, introduced in August 2025, requires issuers to meet standards for backing reserves, redemption and risk management.
Confirmed Facts
- HKMA expanded Project Ensemble to allow 24/7 real-value tokenized transactions.
- Project Ensemble started in March 2024, and a sandbox opened in August 2024.
- RedCoin launched on October 23 and reached 50,000 users within about 10 days.
- HSBC was among Hong Kong's first licensed stablecoin issuers in April alongside Anchorpoint Financial.
Unanswered Questions
The sources do not give a specific date for when stablecoin trials within Project Ensemble will begin. The sources also do not state how many banks currently participate in the 24/7 settlement pilot.
Why This Matters for Banks and Users
The update means banks can settle tokenized transactions at any time instead of being limited by traditional banking hours. For retail users, RedCoin brings stablecoins into everyday payments through an app many already use. The licensing regime sets rules for how stablecoin issuers must back their tokens and handle redemptions.
Planned Next Steps
The HKMA plans to expand tokenized debt trials to include regulated stablecoins. HSBC plans to add RedCoin to its mobile banking app and offer subscriptions to tokenized investments, including a Hong Kong dollar money market fund share class.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.