Hong Kong moves its tokenization pilot to round-the-clock settlement and says regulated stablecoins will soon join its government-bill trials
The Hong Kong Monetary Authority used its FinTech Week on Monday to announce that EnsembleTX, the pilot phase of Project Ensemble, has advanced to a stage that supports 24/7 real-value transactions. Banks and their clients can settle tokenized transactions outside traditional market hours.
The authority also said recognised dealers have completed trial trades of tokenised Exchange Fund Bills, short-term government debt, in the secondary market. The aim is more efficient secondary trading and repo transactions. It added that it will soon extend the trials to include regulated stablecoins, which China Money Network describes as setting the stage for stablecoins to be tested in government debt trading.
The release gives no start date for the stablecoin trials and no volumes or values for the bill trades. It also announced tConnect Launchpad with Cyberport, a space for financial institutions, technology firms and digital asset innovators to test tokenisation use cases.
crypto.news notes that HSBC's Hong Kong dollar stablecoin already opened to PayMe users on October 23.
This story is reporting and analysis. It is not financial, legal or tax advice.
- SanctionsThe EU launches a crypto task force against Russian sanctions evasion, planned to run 12 months at first, alongside a new Commission sanctions office
- South KoreaSeoul's finance minister proposes moving the crypto tax start to 2029 to wait for US data sharing, along with a three-year loss carry-forward
- BinanceBinance will close affected customer accounts on December 31, and users in France, Spain, Italy and Poland say emails warn of a monthly fee from November 29
- ParaguaySome Paraguayan sellers ask about 6% to 13% above the official dollar rate for USDT as the Ueno Bank collapse locks customers out of accounts