Hong Kong Launches 24/7 Settlement Using Tokenized Deposits on Blockchain
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Hong Kong's central bank, the Hong Kong Monetary Authority (HKMA), has launched 24/7 settlement for tokenized deposits under its Project Ensemble, allowing participating banks to process blockchain transactions using tokenized central bank money outside traditional banking hours. Announced on November 2, the upgrade extends the HKMA's tokenization infrastructure so institutions can settle transactions on-chain around the clock rather than being constrained to business-day windows. The move matters because continuous settlement reduces counterparty risk and operational friction for banks experimenting with tokenized assets, strengthening Hong Kong's positioning as a hub for tokenized finance. It also supports the broader adoption of tokenized deposits as a settlement medium alongside tokenized central bank money. Watch for which banks join as participants, expansion of the asset classes settled through the platform, and further HKMA guidance on tokenized money interoperability.
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Hong Kong Monetary Authority, Hong Kong