2024

Stablecoin

The Hong Kong Monetary Authority (HKMA) has moved its tokenized settlement work into a new phase that allows transactions to settle around the clock, while preparing to bring regulated stablecoins into trials involving tokenized government debt.
<h2 id="ensembletx-moves-beyond-banking-hours">EnsembleTX Moves Beyond Banking Hours</h2>
On Monday, the HKMA said it had advanced its EnsembleTX project to a new stage allowing 24/7 real-value transactions. The regulator launched Project Ensemble in March 2024 to explore how banks could settle tokenized transactions using wholesale central bank digital money. It set up a sandbox that August for banks to link their tokenized deposit platforms and test transactions.
Speaking at Hong Kong FinTech Week, HKMA Chief Executive Eddie Yue said the regulator was introducing tokenized central bank money as a "foundation layer" for 24/7 settlement. The HKMA says tokenized bonds, money market funds and bank deposits are already being used in the work.
The HKMA also said recognized dealers had completed secondary-market trial trades in tokenized Exchange Fund Bills, a form of short-term debt issued by the regulator. It plans to expand those trials to include regulated stablecoins.
The move follows earlier signals on timing. The HKMA had been preparing tests involving more than HK$1.3 trillion worth of Exchange Fund Bills before the end of 2026, examining how banks can use tokenized versions of the instruments around the clock for asset and liability management.
<h2 id="hsbc-s-redcoin-reaches-50-000-users">HSBC's RedCoin Reaches 50,000 Users</h2>
On the retail side, HSBC's Hong Kong dollar stablecoin has posted early user numbers. RedCoin attracted 50,000 users in just over a week since its October 23 launch. HSBC introduced RedCoin, which trades under the ticker <a href="https://x.com/search?q=%24RCHKD&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$RCHKD</a>, as its first Hong Kong dollar-denominated stablecoin.
HSBC's launch announcement said more than 3.3 million PayMe users could activate a stablecoin wallet in the app, with transfers to friends and family and payments at more than 100,000 merchants as the immediate uses. RedCoin is redeemable one-for-one for Hong Kong dollars, subject to its terms. HSBC plans to add a stablecoin wallet to its Hong Kong mobile banking app later in 2026, alongside subscriptions to tokenized investment products.
Some details remain undisclosed. HSBC has not said how many of the 50,000 users have completed payments or how often they use RedCoin. RedCoin's rollout brings stablecoins to retail payments, while Ensemble's settlement work has focused on transactions involving banks and tokenized investments.
The two developments sit at different ends of Hong Kong's digital money push: wholesale central bank settlement for institutions on one side, and a licensed, bank-issued stablecoin for everyday payments on the other.
Sources:
<ul>
 <li><a href="https://cointelegraph.com/news/hong-kong-24-7-tokenized-settlements-stablecoin-trials" rel="noopener noreferrer nofollow">Cointelegraph: Hong Kong takes tokenized settlement to 24/7, plans stablecoin trials</a></li>
 <li><a href="https://crypto.news/hsbc-redcoin-stablecoin-50000-users-hong-kong/" rel="noopener noreferrer nofollow">crypto.news: HSBC's RedCoin stablecoin attracts 50,000 users in just over a week</a></li>
 <li><a href="https://www.bitbase.com/news/hong-kong-plans-24-7-cbdc-settlement-for-tokenized-deposits-by-year-end" rel="noopener noreferrer nofollow">Bitbase: Hong Kong Targets 24/7 CBDC Settlement for Tokenized Deposits by Year-End</a></li>
</ul>

Hong Kong Monetary Authority Enables 24/7 Tokenized Settlement Under Project EnsembleTX, Plans Stablecoin Trials

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