From Sandbox to Live Market: HKMA’s Digital Currency Pilot Enters Real-World Phase

Project Ensemble, Hong Kong’s flagship initiative for a tokenized financial system, has entered a new, live phase.

Having successfully progressed from a controlled sandbox environment, the Hong Kong Monetary Authority (HKMA) is now piloting real-value transactions that use tokenized deposits to settle trades of digital assets.

This operational pilot, expected to run through 2026, transitions the city’s digital currency ambitions from concept to a tangible, functioning system focused on practical applications like treasury management.