Hong Kong moves tokenised settlement to 24/7, lines up stablecoin trials
Why it matters
Settlement that never closes is what banks need before they move collateral and repo onto blockchains. Hong Kong is building it with the regulator in the room and licensed, bank-issued stablecoins ready to plug in.
The short version
Hong Kong's central bank upgraded its EnsembleTX pilot on 2 November so banks and their clients can settle tokenised transactions at any hour, even when markets are shut. It also ran trial trades in tokenised government bills and says regulated stablecoins will join its next round of settlement trials.
The Hong Kong Monetary Authority (HKMA) announced the changes at Hong Kong FinTech Week. Its EnsembleTX pilot, which started in November 2025, now settles tokenised transactions 24/7, nights and weekends included.
It also tested something practical: dealers traded tokenised Exchange Fund Bills, the HKMA's own short-term debt, with each other. The aim is faster, cheaper trading and repo in government paper.
Next up, regulated stablecoins will be used to settle trades in government debt. The HKMA hasn't given a start date.
Some background: Hong Kong has two licensed stablecoin issuers, HSBC and Anchorpoint Financial, both approved in April 2026. HSBC launched RedCoin, a Hong Kong dollar stablecoin, in its PayMe app on 23 October.
Where this comes from
Written with AI from the sources above and checked against them before publishing. Here's how we work. This is news, not financial advice. Spotted a mistake? Tell us.