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Project Ensemble

APACcbdcproductionOperator: HKMAIssuance unverified

HKMA wholesale CBDC sandbox launched in March 2024 with seven licensed banks. Phases I (atomic DvP) and II (tokenized MMF redemption) ran through 2024-2025. EnsembleTX, the live-value pilot phase that succeeded the closed-loop sandbox, opened 13 November 2025 with seven licensed settlement banks plus 13 industry participants, settling tokenised deposits via HKD RTGS pending tokenised central bank money enablement. The first APAC framework of its kind to move from closed sandbox to live-value pilot for a regulated investment-product use case.

Operating details

How it actually settles
Architecture
Solid = liveDashed = design-intent
1 · Tiered-ledger settlement stack
SOLID = LIVEDASHED = DESIGN INTENT / NOT YET LIVEDEPOSIT-ISSUING LAYER · SEVEN LICENSED SETTLEMENT BANKSHSBCStanChartBOCHKCCB AsiaFubonFusionBEACOMMERCIAL-BANK LAYER · TOKENISED DEPOSITS + TOKENISED ASSETSEach bank runs its own permissioned ledger. The Ensemble Architecture Communitysets interoperability standards (HKMA · SFC · BIS Innovation Hub HK + 7 private members)Tokenised depositsOn-chain claim on the issuing bankCommercial-bank money · bank credit riskNot a stablecoinTokenised assetsTokenised MMFs, bonds,carbon creditsSFC-supervised fundsDvPHKMA SETTLEMENT BASE · INTERBANK CASH LEGHKD RTGS (CHATS)Interbank cash leg today · LIVETokenised central-bank moneywholesale CBDC · 24/7design intent · no published calendarTokenised central-bank money is the stated upgrade target; the interbank leg rides HKD RTGS until then.
Project Ensemble tiered ledger · seven settlement banks issue tokenised deposits that settle atomic DvP against tokenised assets · interbank cash leg on HKD RTGS today, tokenised central-bank money ahead
2 · One worked flow: the first live transaction
SOLID = LIVEDASHED = DESIGN INTENT / NOT YET LIVELIVE WORKED FLOW · 13 NOV 2025 · HSBC MOVES HKD 3.8M FOR ANT INTERNATIONALAnt Internationalorigin wallet (at HSBC)Ant Internationaldestination walletHSBCsending settlement bankissues the tokenised HKD depositSecond domestic bankreceiving settlement bankholds Ant Intl's walletHKD 3.8m tokenised depositclaim moves bank-to-bankHKD RTGS (CHATS)interbank cash leg settles the obligation · LIVEforward stateTokenised central-bank money · 24/7progressive upgrade · not yet issued
The first live EnsembleTX cross-bank transaction. HKD 3.8m moved as a tokenised deposit between Ant International's wallets at two banks; the interbank leg settled on HKD RTGS. Source: HSBC, 13 November 2025.
3 · Programme map: phases, cohort, cross-border reach
SOLID = LIVE / DEMONSTRATEDDASHED = EXPLORATORY / MOU-STAGEPHASESProject EnsembleMar 2024Architecture Comm.May 2024Sandbox · 4 themesAug 2024Superv. IncubatorJan 2025EnsembleTX (live)Nov 2025ENSEMBLETX PARTICIPANTSSeven settlement bankstokenised-deposit issuersHSBC · Standard Chartered · Bank ofChina (HK) · CCB (Asia) · Fubon ·Fusion Bank · Bank of East AsiaIndustry participants13 named · asset + corporate sideBlackRock, Franklin Templeton(tokenised MMFs)HKEX · JETCO · Ant Digital · Ant IntlArchitecture Community (standards, not settlement):SFC · BIS Innovation Hub HK · Microsoft · HashKey · CBDC Expert GroupCROSS-BORDER REACH (PROOF-OF-CONCEPT)Banque de France · DL3Satomic cross-border settlement demonstratedMOU 27 Jun 2024 · PoCBank of Thailand · Project Santrade payments · carbon creditsMOU 28 Oct 2024 · exploratorySANDBOX THEMES · FIXED INCOME & FUNDS · LIQUIDITY · GREEN FINANCE · TRADE & SUPPLY CHAIN
Project Ensemble at a glance · phase progression, the EnsembleTX cohort kept distinct from sandbox and standards-only members, and the cross-border proofs of concept

Wholesale CBDC ledger pairs with tokenised deposit rails for atomic DvP against tokenised assets. Sandbox phase (August 2024 onward) tested settlement across four themes; the EnsembleTX pilot phase launched 13 November 2025 with real-value transactions, settling interbank tokenised deposits initially via the HKD RTGS system and upgrading toward tokenised central bank money on a 24/7 basis. The Ensemble Architecture Community sets shared standards for interoperability between wCBDC, tokenised money, and tokenised assets.

Participants

HSBC · Bank of China (Hong Kong) · Standard Chartered (Hong Kong) · Hang Seng Bank · China Construction Bank (Asia) · Fubon Bank (Hong Kong) · Bank of East Asia · Ant Digital Technologies · BlackRock · Franklin Templeton · HashKey · Microsoft · Hong Kong and China Gas Company

Scale

Initial sandbox round drew 25 industry participants across four themes (fixed income and investment funds, liquidity management, green and sustainable finance, trade and supply chain finance). EnsembleTX pilot opened with seven licensed settlement banks plus 13 industry participants, with the first live transaction (HSBC moving HKD 3.8 million for Ant International) executed 13 November 2025.

Regulatory wrapper

HKMA-mandated under its FMI development remit, with the SFC as a co-convenor in the Architecture Community. No direct BIS Innovation Hub sponsorship, though HKMA has linked Ensemble bilaterally to Banque de France's DL3S for cross-border atomic settlement and to the Bank of Thailand under a 2024 MOU.

Known limits

Settlement still routes via HKD RTGS rather than live tokenised central bank money; full 24/7 wCBDC settlement remains a pilot upgrade target. Retail e-HKD is a separate track and out of scope. Cross-border interop sits at PoC stage with Banque de France and Bank of Thailand, not in production.

In depth

Project Ensemble is the HKMA-led wholesale CBDC and tokenisation programme in Hong Kong, covering tokenised deposits, tokenised assets, and a wholesale CBDC for interbank settlement. Ensemble is the worked example of a "tiered ledger" architecture (central-bank-money settlement layer operated by the central bank, asset and deposit layers operated by commercial banks above it) that several APAC jurisdictions are converging on. The November 2025 launch of the EnsembleTX phase moved the programme from closed-loop sandbox to real-value transactions with named bank participants. For an APAC tokenisation product team, Ensemble is the principal jurisdictional infrastructure in HK and the natural counterpart to the FSA Japan PIP sandbox in Japan, MAS Project Guardian and GL1 in Singapore, and RBA Project Acacia in Australia.

What it is

  • Wholesale CBDC plus tokenised deposit and tokenised asset programme.
  • Operator: HKMA on the wCBDC layer; commercial banks on the asset and deposit layers above.
  • Architectural model: tiered ledger with central-bank-money settlement underneath commercial-bank-money asset and deposit layers.
  • Phase status as of late April 2026: EnsembleTX live for real-value tokenised-deposit and tokenised-MMF transactions, with the interbank cash leg using HKD RTGS pending progressive upgrade to tokenised central-bank money on a 24/7 basis.

Recent activity

Open questions

  • The full EnsembleTX participant roster (Annexes A and B of the 13 Nov 2025 HKMA press release) is in PDF annexes; the consolidated industry-pioneer roster has not been re-stated in summary form.
  • The specific ledger technology used at the tokenised-deposit and tokenised-fund issuance layers, and whether all EnsembleTX participants converge onto a shared ledger or each runs its own permissioned ledger under HKMA coordination.
  • The timeline for upgrading the interbank cash leg from HKD RTGS to tokenised central-bank money has not been published as a calendar commitment.
  • The interaction between EnsembleTX-eligible tokenised deposits and HKD-denominated stablecoins issued under the Stablecoins Ordinance regime once HSBC's H2 2026 stablecoin launches alongside Anchorpoint's HKD stablecoin.

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