The Hong Kong Monetary Authority has launched EnsembleTX, commencing the pilot phase of Project Ensemble to enable real-value transactions involving tokenised deposits and digital assets within a controlled pilot environment. EnsembleTX builds on the Ensemble Sandbox, which since August 2024 has supported end-to-end experimentation for settling digital asset transactions using experimental tokenised deposits. The pilot involves participating banks and other industry pioneers, with an initial focus on using tokenised deposits for tokenised money market fund transactions and on supporting real-time liquidity and treasury management. Interbank settlement will initially be facilitated via the HKD Real Time Gross Settlement system, and the pilot environment will be progressively enhanced to support 24/7 settlement in tokenised Central Bank Money (CeBM). The HKMA and the Securities and Futures Commission will continue to collaborate through the Ensemble Architecture Community to advance tokenisation use cases across asset classes. EnsembleTX is intended to operate throughout 2026, and the HKMA has invited stakeholders with innovative real-value use cases leveraging tokenised deposits to participate.
Hong Kong Monetary Authority 2025-11-13
Hong Kong Monetary Authority launches EnsembleTX pilot to enable real value tokenised deposit settlement with a planned upgrade to 24/7 tokenised central bank money
The Hong Kong Monetary Authority has launched EnsembleTX, initiating Project Ensemble's pilot phase to facilitate real-value transactions with tokenised deposits and digital assets. The pilot, involving banks and industry pioneers, focuses on tokenised money market fund transactions and real-time liquidity management, initially using the HKD Real Time Gross Settlement system. The HKMA and the Securities and Futures Commission will collaborate to advance tokenisation use cases across asset classes.