Hong Kong expands regulated stablecoin trading, tokenized assets and 24‑hour CBDC settlement

Hong Kong’s 2026 Policy Address outlines a broad push to digitise its financial markets, covering regulated stablecoins, tokenised real‑world assets, digital bonds and wholesale CBDC settlement.

Regulated stablecoins on licensed platforms

The Securities and Futures Commission (SFC) will allow regulated stablecoins to be traded on licensed virtual‑asset platforms and to settle tokenised money‑market funds. The framework, introduced earlier this year, requires issuers to hold eligible reserve assets and remain under ongoing supervision. Anchorpoint Financial, backed by Standard Chartered, has launched a beta of its HK‑dollar‑backed HKDAP stablecoin for institutional investors, with HashKey Exchange as an authorised distribution partner.

Tokenised gold and other real‑world assets

The SFC plans to expand its licensing rules to support the issuance and trading of tokenised gold and other suitable assets on licensed platforms. This regulatory update aims to create a clear pathway for new tokenised investment products.

Digital bond growth and tokenisation

Digital bonds issued in Hong Kong accounted for nearly half of global issuance between 2025 and early 2026. Notable examples include a HK$12 billion (≈US$1.5 billion) digital bond by the Hong Kong Mortgage Corporation, described as the world’s largest completed tokenised bond issuance. The government will regularise digital‑bond issuance and explore token‑based settlement, dividend payment and redemption, with tests of tokenised Exchange Fund Bills slated for the end of 2026.

EnsembleTX and 24‑hour CBDC settlement

The Hong Kong Monetary Authority (HKMA) aims to launch 24‑hour wholesale CBDC settlement under the EnsembleTX platform by the end of 2026, complementing ongoing work on tokenised deposits.

Enhanced market surveillance

Digital‑asset custody surveillance is scheduled to begin in the second half of 2026, followed by expanded market‑wide and anti‑money‑laundering surveillance in 2027 under the SFC’s CrypTech initiative.