- Hong Kong has a plan to have continuous settlement using wholesale CBDC for tokenized deposits via EnsembleTX by 2026.
- There are plans by the HKMA to test real value CBDC for derivatives and Exchange Fund Bills worth HK$1.3 trillion.
Hong Kong is expected to roll out the wholesale CBDC settlement after banking hours by 2026. This plan will utilize the EnsembleTX, which will be used to facilitate continuous settlement for tokenized deposits. EnsembleTX makes up the pilot stage for Project Ensemble, which is the tokenization project for Hong Kong.
This system combines the tokenized commercial bank deposits with tokenized financial assets. The system’s planned CBDC settlement stage will enable participating banks to conduct their transactions using central bank money at any time. This will help fill the gap between 24-hour blockchain networks and the regular banking systems. In 2026, the HKMA has done transactions using the real value on EnsembleTX. The authority is set to enhance the platform gradually before 24/7 tokenized central bank settlement.
CBDCs Enter After-Hours Derivatives Trading
CBDCs are also being considered by the HKMA for payment of advance margins in after-hours derivatives trading. The initiative involves the testing of wholesale e-HKD payments to be used for advance margin outside banking hours.
An after-hours CBDC trial has been initiated by the institutions in June. Clearing firms participating in the pilot can carry out real-value transactions in after-hours trading. According to the previous method, any firm wishing to receive advance margin recognition should place its deposit application by 3 p.m. There are plans to make more real-value CBDC transactions in 2026.
Tokenized Bills Face Yet Another Test
The tokenization system in Hong Kong also includes Exchange Fund Bills. The HKMA intends to run tests on over HK$1.3 trillion worth of Exchange Fund Bills before the year 2026 is out. These tests will investigate how the tokenized bills can help in round-the-clock asset and liability management. The HK$1.3 trillion refers to the value of the bills used for testing rather than one tokenized issuance.
Hong Kong has also grown its institutional tokenized bond transactions. In June, the HKMA created a tokenized bond expert group comprised of financial institutions. By then, the city had issued over HK$6.8 billion worth of tokenized government bonds. The Hong Kong Mortgage Corporation then made an HK$12 billion digital bond issuance.
Stablecoins Get Added to Tokenization Efforts of Hong Kong
Along with regulated stablecoins, Hong Kong is developing other means of settling tokenized money market funds. The country also intends to have regulated stablecoin trading via licensed virtual assets platforms. The ordinance related to stablecoins has been requiring licensing of stablecoin issuers through the HKMA since August 2025. These include provisions related to reserves, redemption, governance, risk management, and anti-money laundering. Trade finance use cases are planned to be implemented together with mainland China. Pilot transactions will be completed before the end of 2026.
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