Hong Kong takes tokenized settlement to 24/7, plans stablecoin trials

The HKMA plans to bring regulated stablecoins into tokenized government debt trials, while HSBC says its RedCoin stablecoin has reached 50,000 users. Hong Kong has expanded its Project Ensemble pilot to allow round-the-clock settlement of tokenized transactions, as the city’s monetary regulator prepares to bring regulated stablecoins into trials involving tokenized government debt. On Monday, the Hong Kong Monetary Authority (HKMA) said that it had advanced its EnsembleTX project to a new stage allowing 24/7 real-value transactions.