HashKey Joins HKMA EnsembleTX as Tokenised Deposit Pilot Expands
RWA Signal Insight
InfrastructureHashKey Group has officially joined the Hong Kong Monetary Authority’s (HKMA) EnsembleTX pilot as an industry pioneer to advance the commercialization of tokenized deposits. This expansion brings the total participation in the pilot to 12 banks and 20 industry pioneers as of November 2026. The initiative now supports 24/7 interbank settlement of tokenized deposits using tokenized Central Bank Money (CeBM), marking a significant shift from the previous reliance on the HKD Real Time Gross Settlement system. HashKey intends to leverage its expertise in digital-asset trading and on-chain infrastructure to test cross-border fund transfers, investment product settlements, and corporate treasury management. By moving from technical validation to real-value transactions, the pilot aims to enhance efficiency across Hong Kong's financial markets. This development is critical for the RWA market as it demonstrates a clear regulatory pathway for integrating tokenized deposits into institutional financial workflows. The collaboration between the HKMA and the Securities and Futures Commission further underscores the commitment to building a robust, regulated ecosystem for tokenized financial assets.
Key points
- HashKey Group joined the HKMA's EnsembleTX pilot to test tokenized deposit use cases.
- EnsembleTX now enables 24/7 interbank settlement using tokenized Central Bank Money.
- The pilot has expanded to include 12 banks and 20 industry pioneers.
- HashKey will focus on cross-border treasury management and tokenized financial product settlement.
Background
Project Ensemble is an initiative launched by the Hong Kong Monetary Authority to develop a wholesale central bank digital currency (wCBDC) ecosystem. It focuses on the interoperability of tokenized deposits and other digital assets to facilitate seamless interbank settlements. The project serves as a regulatory sandbox for financial institutions to test real-world applications of blockchain technology in traditional finance.