Hong Kong plans to launch a wholesale central bank digital currency (CBDC) by the end of 2026 under Project EnsembleTX to enable 24/7 interbank settlement for tokenized deposits. The Hong Kong Monetary Authority is also preparing tests involving over HK$1.3 trillion in Exchange Fund Bills and developing after-hours derivatives trading solutions with Hong Kong Exchanges and Clearing. Additionally, the region is expanding its digital asset ecosystem through a regulated stablecoin framework and digital bond issuances.
Wholesale CBDC settlement launch
- ▪The Hong Kong Monetary Authority plans to collaborate with mainland China on trade finance use cases for tokenized deposits, with pilot transactions scheduled for completion by the end of 2026.
- ▪Hong Kong's planned wholesale central bank digital currency launch by the end of 2026 is part of Project EnsembleTX, which aims to ease time constraints in existing payment systems
- ▪The Hong Kong Monetary Authority plans to launch a wholesale central bank digital currency for 24/7 interbank payments and tokenized deposit settlement by the end of 2026.
EnsembleTX tokenized deposit infrastructure
- ▪The Hong Kong Monetary Authority completed the second phase of its digital currency pilot in 2025, testing e-HKD and tokenized deposits across 11 financial use cases.
- ▪Project EnsembleTX has been running real-value transactions involving digital assets and tokenized deposits during 2026 to bridge the gap between continuous distributed ledger systems and conventional payment hours.
After-hours derivatives trading pilot
- ▪The Hong Kong Monetary Authority is preparing tests involving a pool of more than HK$1.3 trillion in Exchange Fund Bills before the end of 2026 to examine round-the-clock asset and liability management.
- ▪Hong Kong Exchanges and Clearing and the Hong Kong Monetary Authority launched an after-hours central bank digital currency pilot in June 2026 to test advance margin transfers outside regular banking hours.
Exchange Fund Bills tokenization
- ▪Digital bonds issued in Hong Kong accounted for nearly 50% of the global digital bond market between 2025 and the first half of 2026, according to Hong Kong's 2026 Policy Address
- ▪The Hong Kong Mortgage Corporation completed an HK$12 billion digital bond issuance in June 2026, which was described as the world's largest digital bond issuance.
- ▪Hong Kong's Stablecoins Ordinance has been in force since August 1, 2025, establishing licensing requirements for reserve assets, redemption, governance, risk management, and anti-money laundering controls.
Regulated stablecoin framework
- ▪Anchorpoint Financial received a stablecoin issuer license in April 2026 and began the phased rollout of its Hong Kong dollar-backed stablecoin, HKDAP, in August 2026.
- ▪Standard Chartered plans to introduce subscription and settlement services for tokenized money market funds using the HKDAP stablecoin during the fourth quarter of 2026.
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