Hong Kong Monetary Authority (HKMA) is advancing all-day tokenized settlement and plans to include stablecoins in its Exchange Fund Bills pilot program.
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The Hong Kong Monetary Authority (HKMA) announced that the EnsembleTX project has entered a new phase, supporting 24/7 real-value tokenized transaction settlement to help banks and clients conduct global fund transfers, tokenized investment management, and treasury operations outside traditional settlement hours. HKMA Chief Executive Eddie Yue Wai-man stated that tokenized central bank money is being introduced as the "infrastructure layer" for round-the-clock settlement. The HKMA added that authorized dealers have completed secondary market pilot trades of tokenized Exchange Fund Bills, with the next step being to include regulated stablecoins in the relevant trials. Separately, HSBC Group CEO Georges Elhedery disclosed at the Hong Kong FinTech Week that the Hong Kong dollar stablecoin RedCoin has reached 50,000 users in about 10 days since its launch, with a target to expand to millions of users. RedCoin was launched on PayMe on October 23, supporting transfers and merchant payments, and over 3.3 million PayMe customers can open stablecoin wallets to use it. HSBC also plans to integrate RedCoin into its mobile banking platform, enabling subscriptions to tokenized investment products including Hong Kong dollar money market fund shares.
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