Hong Kong's EnsembleTX pilot now allows participating banks to settle tokenized deposit transactions at any time using tokenized central bank money. The Hong Kong Monetary Authority (HKMA) announced the expanded capability on November 2. EnsembleTX, which is Project Ensemble's pilot phase, now includes 12 banks and 20 industry pioneers.
Commercial banks provide the tokenized deposits that participating firms use. Tokenized central bank money provides settlement between the banks. The upgrade makes that interbank cash settlement available beyond normal operating hours. The capability remains restricted to institutions participating in the pilot.
Industry pioneers have already used tokenized deposits from banks to manage corporate treasury operations and transact in tokenized money market funds. HKMA identified Ant International, BlackRock and China Asset Management (Hong Kong) among the participating firms. HKMA cited Bank of China (Hong Kong), China Construction Bank (Asia), ICBC (Asia), Standard Chartered Bank (Hong Kong) and HSBC as deposit providers for that activity. Those banks represent examples rather than the complete list of 12 participating banks.
Corporate treasury users can have relevant transactions settled by participating banks outside normal operating hours. Tokenized-fund users receive longer cash-settlement availability when the relevant banks and platforms support the transactions. Securities and Futures Commission Chief Executive Julia Leung said the capability supports corporate treasury transactions around the clock and secondary trading in tokenized funds through licensed platforms. Each fund's availability still depends on arrangements with banks and platforms. Continuous settlement between banks does not make every fund continuously tradable.
EnsembleTX began in November 2025, providing a controlled setting for transactions with real value involving tokenized deposits and digital assets. EnsembleTX initially relied on Hong Kong's dollar Real Time Gross Settlement system. The pilot envisaged adding continuous settlement with tokenized central bank money at a later stage. The November upgrade expands the infrastructure supporting the pilot's existing transactions with real value.
HKMA also described separate trials in an update during FinTech Week. HKMA reported that recognized dealers had completed trial transactions in the secondary market for tokenized Exchange Fund Bills. HKMA said regulated stablecoins would soon be added to the trials. Those planned stablecoin trials are separate from the settlement capability already operating within EnsembleTX.