CoinDesk
Standard Chartered has launched tokenized deposits for corporate clients in Hong Kong, enabling round-the-clock transfers between participating banks through the Hong Kong Monetary Authority’s EnsembleTX system. Payments settle in central bank money, and China AMX and PantherTrade have completed live transactions through the service.
Why it matters
Unlike stablecoins, tokenized deposits remain money held at a bank. Businesses can move funds outside regular banking hours without first converting deposits into a separate digital asset, connecting blockchain-based transfers to existing bank money and settlement infrastructure.
The launch comes as the HKMA expands EnsembleTX to 24-hour settlement involving tokenized deposits and digital assets. The project now includes 12 banks and 20 other participating firms, up from its initial pilot launched in November 2025. Standard Chartered is also working with Fireblocks to connect the service to digital asset clients, while HashKey has joined the initiative.
Market impact
The rollout puts Hong Kong among the markets testing blockchain-based payments with commercial bank deposits and central bank settlement. JPMorgan, Citi and other major banks are also developing blockchain payment systems, as financial institutions explore alternatives to using privately issued stablecoins for business transfers.
Hong Kong is the first market for Standard Chartered’s service, and the bank has no immediate plans to expand it elsewhere. It has not disclosed transaction values or initial participation figures, leaving the scale of early use unclear.
Frequently asked questions
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How do Standard Chartered’s tokenized deposits differ from stablecoins?
Tokenized deposits remain money held at a bank. Businesses can transfer them without first converting deposits into separate digital tokens.
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How are payments through the Hong Kong service settled?
Transfers between participating banks use the HKMA’s EnsembleTX system and settle in central bank money.
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Which firms have completed live transactions through the service?
China AMX and PantherTrade have completed live transactions through Standard Chartered’s tokenized deposit service.
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How large is the HKMA’s EnsembleTX network?
The project includes 12 banks and 20 other participating firms. The HKMA expanded it from an initial pilot launched in November 2025.
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Does Standard Chartered plan to expand the service beyond Hong Kong?
Hong Kong is the first market for the service, and Standard Chartered has no immediate plans to expand elsewhere. The bank has not disclosed transaction values or initial participation figures.
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