Hong Kong plans stablecoin trials for tokenized government debt

Hong Kong has expanded its tokenized settlement infrastructure to support transactions around the clock, with the city’s monetary regulator preparing to include regulated stablecoins in government debt trading trials. Summary Hong Kong has upgraded EnsembleTX to support round-the-clock settlement of real-value tokenized transactions. The HKMA completed trial trades involving tokenized Exchange Fund Bills in the secondary market. Regulated stablecoins will be included in upcoming settlement trials involving government debt. HSBC’s RedCoin stablecoin has attracted 50,000 users since launching through PayMe on October 23. The HKMA introduced new initiatives covering AI governance, quantum-resistant security and cross-border payments. According to the Hong Kong Monetary Authority, the latest upgrade allows banks and their clients to settle real-value transactions through EnsembleTX at any time. The announcement came on November 2 during Hong Kong FinTech Week, where officials introduced several initiatives covering digital finance, artificial intelligence and payment services. The regulator confirmed that dealers had completed secondary-market trials involving tokenized Exchange Fund B...