Hong Kong to Launch Wholesale CBDC for Settling Tokenized Government Bonds by Year-End

The Hong Kong Monetary Authority plans to launch a wholesale central bank digital currency (wCBDC) for interbank settlements by the end of this year, as part of Project EnsembleTX, to support 24-hour settlement of tokenized deposit transactions. The project is expected to enter a real trading pilot phase by the end of 2025. Currently, interbank settlements rely on the RTGS system, which operates only during working hours, and the wCBDC will address this limitation. Additionally, the wCBDC is also planned for use in settling over-the-counter derivatives trading during off-hours at the Hong Kong Stock Exchange (HKEX), with the goal of implementing real fund transactions within this year.

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