Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, disclosed that two licensed stablecoin issuers have joined a project spearheaded by the Hong Kong Monetary Authority (HKMA). This project centers on central bank digital currency (CBDC) and tokenized deposits, with participation from local telecommunications firms, payment providers, and digital asset companies. The HKMA will persist in overseeing the project’s progress, facilitating the rollout of pertinent use cases, and investigating further applications for regulated stablecoins within the digital finance landscape. Additionally, the HKMA has set up a working group for the Ensemble project framework, which aims to establish local unified standards to ensure interoperability among CBDCs, tokenized currencies, and tokenized assets. This will support the smooth transfer of funds and assets within the tokenized ecosystem. Building on the pilot outcomes from the Ensemble project sandbox, the HKMA introduced the EnsembleTX platform in November of the previous year. This platform enables real transactions involving tokenized deposits and digital assets within a controlled pilot setting. Initially, the platform prioritizes encouraging market participants to utilize tokenized deposits in tokenized money market fund transactions, allowing them to manage liquidity and funding requirements in real-time.