Quick answer: Project Ensemble, the Hong Kong Monetary Authority’s tokenization pilot, now lets 12 banks settle tokenized deposit deals 24/7 in tokenized central bank money, the HKMA said on Nov. 2, 2026. The same day, HSBC said its RedCoin stablecoin had reached 50,000 users about 10 days after launch.
Project Ensemble, Hong Kong’s tokenization pilot, can now settle tokenized bank deposits at any hour of any day. The Hong Kong Monetary Authority (HKMA) said on Monday, Nov. 2, 2026, that banks in the pilot now settle with each other in tokenized central bank money, around the clock.
The news came on the first day of Hong Kong FinTech Week. On the same stage, HSBC said its new Hong Kong dollar stablecoin, RedCoin, had already signed up 50,000 users.
What changed in Project Ensemble
The pilot phase is called EnsembleTX. When it went live in November 2025, banks settled tokenized deposit deals through Hong Kong’s normal dollar payment system, known as RTGS. As a result, settlement stopped when that system closed.
Now that limit is gone. According to the HKMA press release, banks can settle these deals on a 24/7 basis using tokenized central bank money. In other words, the final leg of each payment now runs on the same kind of rails as the tokens themselves.
The pilot has also grown. It now counts 12 banks and 20 “industry pioneers”, the HKMA said. These firms use tokenized deposits for treasury work and to buy shares in tokenized money market funds.
Tokenized bills and stablecoins come next
In a second HKMA statement, the regulator said recognized dealers had finished trial trades of tokenized Exchange Fund Bills. These are short-term debt notes that the HKMA itself issues. The trades took place in the secondary market, where dealers swap bills after they are first sold.
Next, the HKMA “will soon expand the trials to include regulated stablecoins.” That line matters. It means licensed stablecoins could be used to buy and sell tokenized government debt inside an official pilot.
Cointelegraph noted that the HKMA first launched Project Ensemble in March 2024. A sandbox for bank tokens followed that August.
HSBC’s RedCoin passes 50,000 users
Meanwhile, HSBC Group CEO Georges Elhedery gave the first user number for RedCoin. Speaking on a FinTech Week panel, he said the token had 50,000 users, the South China Morning Post reported. He said HSBC is aiming for millions.
RedCoin went live on Oct. 23 inside PayMe, HSBC’s payments app. We covered that RedCoin launch on PayMe at the time. PayMe has more than 3.3 million users who can turn on a stablecoin wallet, and the token works at over 100,000 merchants, TokenPost reported.
However, 50,000 is a sign-up count. HSBC has not said how many of those users pay with the token each week.
Why Project Ensemble matters
Most tokenized finance still has a weak link. A bond or fund share can move on a blockchain in seconds. Yet the cash side often waits for a bank system that shuts at night and on weekends. So a trade can be instant on one leg and stuck on the other.
Project Ensemble attacks that gap at the central bank level. Because settlement now happens in tokenized central bank money, a bank receiving funds at 2 a.m. gets the safest form of money there is. It does not take on another bank’s credit risk overnight.
That is a different path from the crypto market’s. Crypto runs 24/7 today, but it settles mostly in private stablecoins such as USDT and USDC. Hong Kong is building a layered model instead: central bank money at the base, tokenized bank deposits on top, and licensed stablecoins for retail use.
The same shift is visible elsewhere. For example, Uber’s recent tokenized deposits pilot on Canton used HSBC money to earn yield over a weekend. In the US, the DTCC’s tokenization service went live with 34 securities.
Data and context
- Pilot size: 12 banks and 20 industry pioneers, per the HKMA.
- Launch history: Project Ensemble began in March 2024, and EnsembleTX started real-value trades in November 2025.
- Stablecoin licenses: The HKMA licensed HSBC and Anchorpoint Financial as the first stablecoin issuers, effective April 10, 2026, out of 36 applicants, TokenPost and Crypto Briefing reported.
- Market backdrop: Bitcoin traded at $77,818 and ether at $2,284 at 11:58 UTC on Nov. 2, per CoinGecko. USDT and USDC both held near $1.00.
Julia Leung, CEO of Hong Kong’s Securities and Futures Commission, said in the HKMA release that the upgrade is “a significant step towards a more scalable tokenised market in Hong Kong.”
What to watch next
First, watch for the date when stablecoins join the Exchange Fund Bill trials. The HKMA said “soon” but gave no timetable.
Second, look for volume figures. The HKMA has shared participant counts, but not how much money now settles outside normal hours.
Third, track RedCoin’s next steps. HSBC plans to add the token to its mobile banking app and to let users buy tokenized products, including a money market fund, SCMP and TokenPost reported. Elhedery gave no launch date.
Finally, compare this with Europe’s approach. Our MiCA regulation explainer shows how the EU regulates stablecoins without a central bank settlement pilot of this kind.
FAQ about Project Ensemble
What is Project Ensemble?
Project Ensemble is a Hong Kong Monetary Authority program, launched in March 2024, that tests how banks can settle tokenized deals. Its pilot phase, EnsembleTX, has handled real-value trades since November 2025.
What does 24/7 settlement in tokenized central bank money mean?
It means banks in the pilot can finish payments for tokenized deposit deals at any hour, including nights and weekends. The final payment uses a tokenized form of central bank money, not the regular RTGS system with fixed hours.
Can regular users access Project Ensemble?
No. Project Ensemble is a wholesale pilot for banks and selected firms. Retail users in Hong Kong can, however, use licensed stablecoins such as HSBC’s RedCoin through the PayMe app.
Sources
- HKMA: Project Ensemble pilot advances to 24/7 settlement in tokenised central bank money
- HKMA: Hong Kong FinTech Week 2026 statement
- Hong Kong government press release on EnsembleTX
- Cointelegraph: Hong Kong takes tokenized settlement to 24/7
- South China Morning Post: RedCoin draws 50,000 users
- TokenPost: HSBC says RedCoin reached 50,000 users
- Crypto Briefing: RedCoin attracts 50,000 users
- CoinGecko price data
This article is for information only and is not financial advice. Do your own research before making any investment decision.
