Hong Kong’s monetary regulator has expanded its Project Ensemble pilot to permit round-the-clock settlement of tokenized transactions using tokenized central bank money, marking a significant step toward continuous digital asset infrastructure in the city.
The Hong Kong Monetary Authority announced the advancement on November 2, 2026, as part of its broader effort to integrate regulated stablecoins into trials of tokenized government debt. The expansion builds on real-value trials that began in November 2025, when the HKMA introduced tokenized central bank money to support settlement beyond Hong Kong’s traditional dollar settlement system operating hours.
RedCoin Adoption Signals Market Readiness
HSBC’s stablecoin, RedCoin, launched on October 23, 2026, and reached 50,000 users within 10 days. “We have 50,000 users,” said Georges Elhedery, HSBC Group CEO, underscoring early traction in the city’s emerging tokenized ecosystem.
RedCoin operates through HSBC’s PayMe application, enabling transfers and merchant payments. The bank plans to integrate RedCoin into its mobile banking app and allow subscriptions to tokenized investments. Approximately 3.3 million PayMe customers are eligible to activate stablecoin wallets, positioning HSBC to expand RedCoin’s reach significantly.
Elhedery outlined ambitions to scale the stablecoin to “multi-million users,” signaling confidence in Hong Kong’s regulatory framework and market appetite for tokenized settlement infrastructure.
Project Ensemble’s Evolution
Project Ensemble launched in March 2024 as a pilot exploring how banks could settle tokenized transactions using wholesale central bank digital money. An initial sandbox phase opened in August 2024. The system has already incorporated tokenized bonds, money market funds, and bank deposits. Recognized dealers completed secondary-market trial trades in tokenized Exchange Fund Bills.
The HKMA’s stablecoin licensing regime, introduced in August 2025, establishes standards for backing reserves, redemption, and risk management. HSBC and Anchorpoint Financial received stablecoin issuer licenses in April 2026, positioning them as anchors in Hong Kong’s regulated digital asset ecosystem.
By enabling 24/7 settlement, the HKMA removes a structural constraint that previously limited transaction timing to business hours. The planned integration of regulated stablecoins into tokenized government debt trials extends the infrastructure’s utility into fixed-income markets, creating a foundation for broader institutional adoption of tokenized financial instruments.
