Hong Kong’s tokenized money goes clockwork while HSBC’s RedCoin finds its crowd

Hong Kong’s monetary regulator has expanded its Project Ensemble pilot to support 24/7 settlement of tokenized transactions, while preparing to test regulated stablecoins in tokenized government debt. The Hong Kong Monetary Authority (HKMA) said the latest stage allows banks and their clients to move funds globally, manage tokenized investments and conduct treasury operations outside conventional settlement hours.

The update advances the EnsembleTX project, which began real-value trials in November 2025 after initially routing payments through Hong Kong’s existing dollar settlement system. The HKMA launched Project Ensemble in March 2024 to explore settlement of tokenized transactions using wholesale central bank digital money, with a sandbox opening that August for banks to connect tokenized deposit platforms and test transactions. The regulator now plans to introduce tokenized central bank money to support around-the-clock settlement.

Speaking at Hong Kong FinTech Week on Monday, HKMA Chief Executive Eddie Yue described tokenized central bank money as a “foundation layer” for 24/7 settlement. The HKMA said tokenized bonds, money market funds and bank deposits were already being used, while recognized dealers had completed secondary-market trial trades in tokenized Exchange Fund Bills, a form of short-term debt issued by the regulator. Regulated stablecoins are expected to join those trials.

Separately, HSBC Group CEO Georges Elhedery said the bank’s Hong Kong dollar stablecoin, RedCoin, had reached 50,000 users about 10 days after its launch. “We have 50,000 users,” Elhedery said, adding that HSBC was targeting “multi-million users” as it expands access to the token. The bank launched RedCoin on Oct. 23 for transfers and merchant payments through its PayMe application, saying more than 3.3 million PayMe customers could activate stablecoin wallets.

HSBC is also offering tokenized deposits to wholesale clients in Hong Kong and about half a dozen other jurisdictions, allowing funds to move around the clock. It plans to integrate RedCoin into its mobile banking app and enable subscriptions to tokenized investments, including a Hong Kong dollar money market fund share class. HSBC was among Hong Kong’s first licensed stablecoin issuers in April, alongside Anchorpoint Financial, a venture backed by Animoca Brands and Standard Chartered.