Hong Kong aunches 'Project Ensemble' Pilot: Tokenized Deposits Move to Real-Value Transactions

Hong Kong is significantly advancing its ambition to become a major crypto hub by launching the pilot phase of Project Ensemble.

The Hong Kong Monetary Authority (HKMA), the city's de facto central bank, announced that the initiative is transitioning from a sandbox experiment to a live environment with real-value transactions using tokenized deposits and digital assets. This is described as a "pivotal" step in Hong Kong's digital asset roadmap.

• What it is: Project Ensemble aims to integrate tokenization into the traditional banking sector, initially leveraging the e-HKD framework.
• The Pilot Focus: Running through 2026, the pilot will initially concentrate on real-time settlement for tokenized money-market funds and enhancing liquidity and treasury management.
• Settlement Evolution: Interbank settlement will first be supported by the HKD Real Time Gross Settlement (RTGS) system, with plans to upgrade to support 24/7 settlement using tokenized central bank money over time.

HKMA Chief Executive Eddie Yue stated this is where "innovation meets implementation," delivering tangible benefits. Securities and Futures Commission CEO Julia Leung highlighted that this move toward 24/7 tokenized interbank settlement is a "critical step" for scaling the tokenization of investment products.

Hong Kong's move intensifies the focus on on-chain settlement infrastructure across Asia, following similar recent developments in Singapore (trialling tokenized MAS bills with a CBDC) and collaborations between institutions like DBS and J.P. Morgan (developing interoperability for tokenized deposit transfers).

November 2025, Cryptoniteuae