Hong Kong Pushes for 24/7 Tokenised Settlement, Plans Stablecoin Trials
The Hong Kong Monetary Authority enhanced its Project Ensemble initiative through the EnsembleTX project to support round-the-clock real-value tokenised settlements, targeting international fund transfers, tokenised investments and treasury management. The regulator plans to extend trials to regulated stablecoins following successful tests of tokenised bonds, money market funds and bank deposits. HSBC's RedCoin stablecoin attracted 50,000 users within 10 days of launch in Hong Kong.
Key points
- EnsembleTX enables 24/7 tokenised settlement for cross-border transfers.
- Trials expanding to regulated stablecoins after tokenised assets tests.
- HSBC's RedCoin reached 50,000 users in 10 days.
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