Hong Kong Introduces 24/7 Settlement for Tokenized Transactions
BITmarkets Team
Nov 09, 2026
The Hong Kong Monetary Authority (HKMA) announced that its EnsembleTX project had entered a new phase, enabling real-value transactions to settle 24 hours a day, seven days a week.
The development is intended to help financial institutions conduct international transfers, manage tokenized investments and perform treasury operations without being restricted by traditional banking settlement hours.
Hong Kong introduces 24/7 settlement for tokenized transactions
According to the HKMA, the latest phase of EnsembleTX introduces continuous settlement capabilities designed to improve the efficiency of transactions involving tokenized financial assets. Previously, participating banks relied on Hong Kong's existing dollar settlement infrastructure, which restricted transactions to established operating hours.
When real-value trials began in November 2025, the regulator outlined plans to introduce tokenized central bank money to overcome these limitations and enable continuous settlement. Project Ensemble was originally launched in March 2024 to investigate how banks could settle tokenized transactions using wholesale central bank digital money.
In August 2024, the HKMA introduced a regulatory sandbox allowing participating institutions to connect their tokenized deposit platforms and experiment with blockchain-based transactions.
Speaking at Hong Kong FinTech Week on Monday, HKMA Chief Executive Eddie Yue described tokenized central bank money as a “foundation layer” for enabling 24/7 settlement. Yue also highlighted that tokenized financial products, including bonds, money market funds and bank deposits, were already being used within the financial ecosystem.
The introduction of continuous settlement is expected to support these activities by allowing financial institutions to transfer funds and manage tokenized assets beyond conventional banking hours.
HKMA plans to introduce stablecoins into tokenized bond trials
Alongside the expansion of EnsembleTX, the HKMA is preparing to incorporate regulated stablecoins into trials involving tokenized government debt. The regulator confirmed that recognized dealers had successfully conducted secondary-market trial transactions involving tokenized Exchange Fund Bills.
These instruments represent short-term debt issued by the HKMA and are used within Hong Kong's monetary and financial system. The completed trials demonstrate the application of tokenization to debt securities trading, while the planned inclusion of regulated stablecoins could introduce additional settlement methods.
The initiative forms part of Hong Kong's broader strategy to develop regulated digital asset infrastructure that connects blockchain-based financial instruments with established banking services. By expanding the use of tokenized central bank money and regulated stablecoins, the HKMA is exploring different approaches to improving the settlement of financial transactions.
The developments also reflect the city's efforts to support institutional adoption of tokenized assets while maintaining regulatory oversight.
HSBC's RedCoin stablecoin reaches 50,000 users
Separately, HSBC reported early adoption of its Hong Kong dollar-backed stablecoin, RedCoin, following its launch in October. Speaking at Hong Kong FinTech Week, HSBC Group CEO Georges Elhedery said the token had attracted approximately 50,000 users within 10 days of its introduction.
“We have 50,000 users,” Elhedery said, adding that the bank aims to reach “multi-million users” as the service expands. HSBC launched RedCoin on Oct. 23 through its PayMe application, allowing customers to use the stablecoin for transfers and merchant payments.
The bank previously stated that more than 3.3 million PayMe customers would be eligible to activate stablecoin wallets and access the token. HSBC also plans to integrate RedCoin into its mobile banking application and support subscriptions to tokenized investment products, including a Hong Kong dollar money market fund share class.
Beyond retail payments, Elhedery said HSBC was providing tokenized deposit services to wholesale clients in Hong Kong and approximately six other jurisdictions. These services enable institutional customers to transfer funds around the clock, supporting treasury management and cross-border financial operations.
HSBC was among the first institutions to receive a stablecoin issuer license in Hong Kong in April, alongside Anchorpoint Financial, a venture backed by Animoca Brands and Standard Chartered. Hong Kong's stablecoin licensing framework, introduced in August 2025, requires authorized issuers to comply with regulatory standards covering reserve backing, redemption arrangements and risk management.
While RedCoin focuses primarily on retail payments and customer transactions, Project Ensemble is developing settlement infrastructure for banks and tokenized financial instruments. Together, the initiatives demonstrate Hong Kong's efforts to expand regulated digital asset services across both consumer payments and institutional financial markets.
Sources:
https://cointelegraph.com/news/hong-kong-24-7-tokenized-settlements-stablecoin-trials
https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/11/20261102-3/
https://www.info.gov.hk/gia/general/202511/13/P2025111300366p.htm
