HashKey Group said Nov. 2 it had joined Hong Kong’s EnsembleTX pilot to test tokenized deposits for digital-asset settlement, as the Hong Kong Monetary Authority expanded the project to support interbank transfers at any hour.
HashKey said it would explore three possible uses: moving and settling money linked to digital-asset trades, handling investment-product subscriptions and redemptions, and managing corporate treasury activity. The company said the work would include technical integration with banks and other financial institutions. HashKey described the effort as exploratory; it announced no completed transactions, named no banking partners and gave no launch timetable.
The HKMA said banks can now settle transactions involving tokenized deposits at any hour, using tokenized central bank money for interbank settlement. The pilot has 12 participating banks and 20 industry pioneers, the authority said. The pilot’s 24-hour settlement expansion is a project-wide capability; HashKey did not report using it.
EnsembleTX began in November 2025 as the pilot phase of Project Ensemble, following the Ensemble Sandbox, which the HKMA said had operated since August 2024. At launch, the pilot focused on tokenized deposits in money-market-fund transactions and real-time liquidity and treasury operations. Interbank settlement initially used Hong Kong’s Real Time Gross Settlement system. The HKMA said EnsembleTX was scheduled to run throughout 2026. In a 2025 description, the HKMA said the first stage let participants test real-value use of digital assets and tokenized deposits under controlled pilot conditions.
HKMA Chief Executive Eddie Yue said Project Ensemble “has transitioned from experimentation and piloting to a new phase.” HashKey Chairman and Chief Executive Officer Dr. Xiao Feng called EnsembleTX “an important platform,” saying it could move tokenized deposits beyond technical tests toward transactions involving real value.
The HKMA said it would continue working with the Securities and Futures Commission (SFC) to support Hong Kong’s tokenized financial ecosystem and related market infrastructure.
