Hong Kong has moved its flagship digital currency initiative, Project Ensemble, from a test environment to a live pilot with real-value transactions.
The Hong Kong Monetary Authority (HKMA) has announced this "pivotal" change, which represents a significant step forward in the city's goal of becoming a global crypto hub.
The pilot program, which will run until 2026, will initially focus on settling tokenized money market fund transactions and testing real-time treasury management.
The program will use tokenized deposits to bridge the gap between traditional banking and the world of digital assets.