Hong Kong launches tokenized deposit pilot with real-value transactions
Hong Kong has started a pilot phase for Project Ensemble, enabling real-value transactions using tokenized deposits and digital assets.Summary
The Hong Kong Monetary Authority (HKMA) announced the launch of the pilot phase for Project Ensemble, transitioning the initiative from a sandbox experiment to live, value-bearing settlement of tokenized deposits. This move is described as pivotal for Hong Kong's crypto roadmap. The pilot, which will run through 2026, will initially focus on tokenized money-market fund transactions and real-time liquidity management. Interbank settlement will initially use the HKD Real Time Gross Settlement system, with plans to upgrade to support 24/7 settlement in tokenized central bank money. HKMA's Eddie Yue highlighted that this phase applies tested concepts to real-value transactions, while the Securities and Futures Commission's Julia Leung emphasized that interoperability is key to scaling tokenization. This development occurs as other Asian financial centers, like Singapore, also intensify focus on tokenized deposits and onchain settlement infrastructure.
(Source：The Block)