Hong Kong plans to launch its wholesale central bank digital currency (CBDC) by the end of the year, which will be used for interbank settlement of tokenized deposits.
50 minutes ago
The Hong Kong Monetary Authority (HKMA) plans to launch a wholesale central bank digital currency (wCBDC) by the end of this year, for interbank settlement of tokenized deposits as part of Project EnsembleTX, to enable 24/7 round-the-clock payments. This is one of several initiatives announced by Hong Kong’s Chief Executive in the 2026 Policy Address. While tokenized deposit solutions from individual banks have proliferated, multiple jurisdictions are shifting toward interbank solutions. The key complexity lies in that interbank solutions not only process cross-bank payments on behalf of customers but also require settlement between participating banks. Hong Kong launched a live transaction pilot at the end of 2025, but initial interbank settlement still relied on the traditional Real-Time Gross Settlement (RTGS) system, which only operates during set hours—a limitation the wCBDC will resolve. Additionally, Hong Kong plans to use the wholesale CBDC for post-trade settlement of derivatives on the Hong Kong Stock Exchange (HKEX), as previously announced. Live-value transactions are also scheduled to roll out within this year.
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