Hong Kong targets 24/7 CBDC settlement for tokenized markets by 2026

The Hong Kong Monetary Authority (HKMA) plans to scale its EnsembleTX pilot to support round-the-clock settlement in tokenized central bank money. This initiative allows banks to move beyond conventional payment infrastructure, facilitating real-time transactions for digital assets and tokenized deposits even when standard banking systems are closed. Beyond general deposits, the HKMA and Hong Kong Exchanges and Clearing (HKEX) are developing a wholesale CBDC solution to streamline after-hours derivatives trading, building on pilot trials that began in June.

As part of this expansion, the HKMA intends to test the operational efficiency of tokenized Exchange Fund Bills, utilizing a pool valued at more than HK$1.3 trillion. These tests will evaluate how banks can utilize such instruments for continuous asset and liability management. While the city has already established a footprint in the digital bond market—accounting for nearly 50% of global issuance between 2025 and mid-2026—the focus is shifting toward regularizing these processes and integrating regulated stablecoins for money market fund settlements. With the Stablecoins Ordinance now in force, the region is positioning itself to handle high-volume institutional activity across both trade finance and investment product lifecycles.