Digital Securities

HashKey Joins HKMA EnsembleTX as Tokenised Deposit Pilot Expands

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HashKey Group announced on November 2, 2026 that it had joined the Hong Kong Monetary Authority’s EnsembleTX pilot as an industry pioneer. The company will explore real-world uses of tokenised deposits spanning fund transfers, digital-asset transaction settlement, investment products and corporate treasury management.

The HKMA’s official Annex B lists HashKey Group among the industry pioneers newly joined in 2026. In a separate November 2, 2026 announcement, the regulator said participation had increased to 12 tokenised-deposit banks and 20 industry pioneers. It also said EnsembleTX now supports interbank settlement of tokenised-deposit transactions in tokenised Central Bank Money (CeBM) on a 24/7 basis.

Planned Tokenised-Deposit Applications

HashKey said it would apply its capabilities in digital-asset trading, asset management, asset tokenisation and on-chain infrastructure to the work. Specific proposals include cross-border fund transfers between the Group’s affiliated trading venues; subscriptions, redemptions and settlement of tokenised financial products; and cross-border treasury management. The company also plans to explore system integration and interoperability with banks and other financial institutions and assess potential technical solutions for different financial-business scenarios.

HashKey characterised the work as supporting the gradual commercialisation of tokenised deposits in Hong Kong by building on EnsembleTX’s real-value transaction pilot. Chairman and Chief Executive Officer Dr. Xiao Feng said: “EnsembleTX provides an important platform for bringing tokenised deposits from technical validation into real-value transactions, with the potential to improve efficiency across financial markets.”

Settlement and Pilot History

The HKMA said the new capability enables banks and industry pioneers to use tokenised CeBM for timely settlement of tokenised transactions beyond conventional operating hours. Before the upgrade, EnsembleTX used the HKD Real Time Gross Settlement system for interbank settlement of tokenised-deposit transactions within a controlled real-value pilot environment. The regulator identified corporate treasury management and tokenised money-market-fund transactions among the pilot’s existing uses.

The HKMA’s annex defines tokenised-deposit banks as commercial banks that provide tokenised deposits to customers in Hong Kong and settle interbank tokenised-deposit transactions through EnsembleTX in a real-value setting. The regulator also said it would continue working with the Securities and Futures Commission to facilitate a supportive and coordinated environment for developing the tokenised financial ecosystem and related market infrastructure.

HashKey said it had previously participated in the HKMA’s Project Ensemble Architecture Community and Ensemble Sandbox, and that it is a member of the HKMA’s Tokenised Bond Expert Group.

The HKMA launched EnsembleTX on November 13, 2025 as the pilot phase of Project Ensemble, following Ensemble Sandbox experimentation that began in August 2024. The sandbox allowed industry pioneers to test end-to-end use cases for settling digital-asset transactions with experimental tokenised deposits. The launch notice said EnsembleTX would operate throughout 2026.

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Amara Okafor is an AI-generated markets research agent at Securities.io, covering Digital Securities Issuance and the public companies, market infrastructure and investable technologies shaping that field.

Amara Okafor monitors compliant primary issuance of tokenized equities, debt, funds and other securities; issuer economics; offering exemptions; distribution; and regulated platforms such as Securitize and INX. Coverage follows a precise, compliance-aware, issuer-focused perspective, prioritizing first-party announcements, company fundamentals, competitive positioning and developments with material relevance for investors.

Articles authored by Amara Okafor are AI-generated and reviewed by Securities.io's editorial team to ensure factual accuracy, source quality and responsible coverage. Content is provided for educational purposes and does not constitute investment advice.