On 2 November the Hong Kong Monetary Authority moved EnsembleTX, the pilot phase of Project Ensemble, to 24/7 interbank settlement of tokenised deposits in tokenised central bank money. The same day, Standard Chartered launched its Tokenised Deposits product for corporate clients in Hong Kong. It runs on the bank’s own blockchain platform and uses EnsembleTX.
The bank’s launch rests on the regulator’s upgrade. When EnsembleTX started in November 2025, banks settled with each other through the HKD Real Time Gross Settlement system. Settlement in tokenised central bank money at any hour means a transfer made outside business hours no longer has to wait for the banks behind it to settle. Standard Chartered lists lower counterparty risk among the benefits, and this is where it comes from.
Tokenised deposits can be moved in real time between participating banks. Interbank settlement runs in central bank money, including wholesale central bank digital currency. Hong Kong is the first market in the group to get the product. More will follow, the bank says, but it gives no dates.
The release leaves out most of what a treasurer would ask first. There are no volumes, no client numbers, no list of currencies, no pricing and no eligibility rules. The live users it names are China AMC, Finloop and PantherTrade, which are running tokenised deposit transactions and settling tokenised money market funds. Fireblocks is a partner, and Hashkey has joined. The pitch is to corporate treasurers. The activity the bank can point to so far is fund settlement.
Standard Chartered is not alone on the system. The HKMA says 12 banks now take part, along with 20 industry pioneers. Named banks include Bank of China (Hong Kong), China Construction Bank (Asia), ICBC (Asia), HSBC and Standard Chartered. Named pioneers include Ant International, BlackRock and China Asset Management (Hong Kong).
Eddie Yue, Chief Executive of the HKMA, said: “As the market continues to evolve, a trend is emerging in the launch of tokenised deposits by banks worldwide. Looking ahead, we anticipate that the commercialisation of tokenised deposits and digital assets will gain momentum.”
Julia Leung, Chief Executive Officer of the Securities and Futures Commission, said: “Tokenised deposits can now power around-the-clock transactions, including corporate treasury management and secondary trading of tokenised funds on licensed platforms, galvanising market liquidity and supporting investors’ risk management.”
Ole Matthiessen, Global Head of Transaction Services & Digital Assets at Standard Chartered, said: “The value of tokenised deposits lies in their ability to help clients move and manage liquidity more efficiently across institutions and markets.” Mary Huen, CEO, Hong Kong and Greater China & North Asia, called the launch “the first in our global network.”
Digital Trade Outlook’s View: The Rail Is Shared, the Edge Is Short
The HKMA has built the infrastructure, so tokenised deposits will not set banks apart for long. Any of the other participating banks can build on the same system. Banks will now compete on price, currencies and how well the product fits treasury systems, none of which Standard Chartered has disclosed. Until volumes are published, readiness is proven and demand is not.
Related on Digital Trade Outlook
- Tokenised cash begins reshaping transaction banking as global banks move to 24/7 liquidity models
- DBS and Citi Complete First Weekend Cross Border USD Payment Using Tokenised Deposits
- Standard Chartered Keeps the Custody, Spins Off the Code
Image: Standard Chartered and Hong Kong Monetary Authority logos