The "Ensemble" project of the Hong Kong Monetary Authority has entered the real trading phase

This project will conduct settlement business in scenarios such as Hong Kong Stock Connect, cross-border trade, and green bonds through compliant stable coins, accumulating key real-world use cases for the issuance of relevant licenses in 2026, and assisting Hong Kong in building a more competitive digital financial ecosystem.

As a core pilot project for promoting the tokenization of real assets in Hong Kong, Ensemble has been focusing on exploring the tokenization of traditional financial assets and real-world assets since its sandbox launch in August 2024, covering multiple key areas such as fixed income, green finance, and trade finance. The transition from sandbox to real-world trading marks the completion of preliminary technical verification and risk assessment, indicating that the project is ready for implementation in a real financial environment. It also demonstrates Hong Kong's prudence and efficiency in financial innovation regulation.

The core highlight of this real-world trading phase lies in the breakthrough of multi-scenario applications of compliant stablecoins. It is understood that the Ensemble project will take the lead in developing three core financial scenarios: Firstly, empowering Hong Kong Stock Connect settlement by leveraging tokenization technology to enhance the clearing efficiency of cross-border securities transactions and reduce settlement risks; secondly, serving cross-border trade financing by simplifying cross-border transaction processes through stablecoin settlement, shortening capital turnover cycles, and providing more convenient financial support for enterprises' cross-border trade; thirdly, facilitating green bond transactions by promoting efficient allocation of green financial resources through tokenized settlement, aligning with Hong Kong's strategic direction of developing sustainable finance.

It is noteworthy that the implementation of this real-world transaction will provide important practical support for the improvement of the relevant licensing system in 2026. In his 2025 policy address, Chief Executive John Lee explicitly stated that the Hong Kong Monetary Authority (HKMA) needs to continue to promote the Ensemble project, facilitate real-world tokenized asset transactions, and assist the government in regularizing the issuance of tokenized bonds. The entry of this project into the real-world transaction phase is a positive implementation of this policy direction. By accumulating real-world market data and operational experience, it can provide a scientific basis for the formulation of subsequent licensing systems related to digital assets, further improving Hong Kong's digital financial regulatory framework.