Hong Kong moves tokenized settlement to 24/7 and plans stablecoin trials
The Hong Kong Monetary Authority said its Project Ensemble platform now settles real-value tokenized transactions around the clock, and that licensed stablecoins will join trials of tokenized Exchange Fund Bills. At the same Hong Kong FinTech Week event, HSBC said its Hong Kong dollar stablecoin RedCoin, launched on 23 October through PayMe, had reached 50,000 users. HSBC reported about HK$87.75 million of RedCoin in circulation, fully backed by cash.