The same report says the service was developed with support from the HKMA’s Supervisory Incubator for Distributed Ledger Technology. It facilitates real-time interbank transfers and 24/7 settlement using central bank money, including wholesale central bank digital currency (CBDC).
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Early Participants and Regulatory Context
China AMC, Finloop and Panther Trade have already executed live tokenized deposit transactions and settled tokenized money market funds on the platform, according to The Standard.
EnsembleTX is the pilot phase of the HKMA’s Project Ensemble. In a November 2025 press release, the HKMA said the pilot would run throughout 2026. It said the initial focus is using tokenized deposits in tokenized money market fund transactions and managing liquidity and treasury needs in real time.
The HKMA also said interbank settlement would first run through the Hong Kong dollar Real Time Gross Settlement system, with the environment to be upgraded progressively to support settlement in tokenized central bank money on a 24/7 basis.
Standard Chartered has been involved in the project for some time. Its Hong Kong arm has completed real-value use cases in EnsembleTX and was named one of the first Tokenised Deposit Banks in the pilot, according to FX News Group. Mary Huen, the bank’s chief executive for Hong Kong, Greater China and North Asia, said the launch underscores Hong Kong’s position as a leading digital asset hub, per The Standard.
Tokenized deposits are digital versions of conventional bank deposits. Tangem notes they are backed by funds held at the bank and are not stablecoins.
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