Standard Chartered launches tokenized deposits in Hong Kong

Standard Chartered has launched a tokenized deposit service for corporate clients in Hong Kong, allowing participating institutions to transfer bank deposits around the clock through blockchain infrastructure supported by the Hong Kong Monetary Authority.

Summary

• Standard Chartered has launched a tokenized deposit service in Hong Kong, making it the first market in its global network to offer the solution to corporate clients.
• The service uses the HKMA’s EnsembleTX infrastructure to enable real time transfers between participating banks, with settlement supported around the clock using central bank money.
• China AMC, Finloop and PantherTrade have already completed live tokenized deposit transactions and settlements involving tokenized money market funds through EnsembleTX.
• Standard Chartered has partnered with Fireblocks to integrate banking services into its digital asset platform, while HashKey has joined the participating ecosystem.
• The bank plans to introduce the service in additional markets as it expands its tokenized banking offerings for institutional clients.

In a November 2 announcement, the bank said Hong Kong is the first market in its global network to introduce the new offering, which is designed for corporate treasurers, financial institutions, investment platforms and digital asset businesses.

The service runs on Standard Chartered’s proprietary blockchain infrastructure and uses the HKMA’s EnsembleTX platform to support real-time transfers between participating banks. Settlement can take place using central bank money, including wholesale central bank digital currency (wCBDC).

Standard Chartered said China AMC, Finloop and PantherTrade have already completed live tokenized deposit transactions and settlements involving tokenized money market funds through EnsembleTX.

The bank has partnered with Fireblocks to integrate banking services into its digital asset platform, while HashKey has joined the participating ecosystem. Standard Chartered plans to introduce the offering in other markets over time.

Standard Chartered tokenized deposits support 24/7 settlement

Under the new service, eligible corporate clients can use tokenized commercial bank deposits for treasury management, investment transactions and transfers between different entities within the same business.

Unlike conventional bank transfers that may depend on banking hours and settlement schedules, the platform supports transfers between participating institutions at any time.

Standard Chartered said the system combines regulated bank deposits with blockchain-based functionality, allowing companies to manage liquidity through digital treasury systems without moving their funds outside the commercial banking framework.

The service was developed with support from the HKMA’s Supervisory Incubator for Distributed Ledger Technology and operates through EnsembleTX, which connects participating banks for transactions involving tokenized money and financial assets.

Interbank transactions can be settled using central bank money, including wCBDC, with the bank saying the arrangement is intended to improve settlement reliability and reduce counterparty exposure.

The infrastructure supports transactions between institutions, while the bank’s own blockchain system handles the tokenized deposit functions available to eligible customers.

Hong Kong’s EnsembleTX expands live tokenized transactions

The latest launch follows the HKMA’s introduction of EnsembleTX in November 2025 as the next phase of Project Ensemble, which began testing tokenized financial transactions in 2024.

The regulator established the platform to support real-value transactions involving tokenized deposits and digital assets, moving participating institutions beyond earlier experimental arrangements.

In September, crypto.news reported Hong Kong’s plans to introduce round-the-clock wholesale CBDC settlement for tokenized deposits by the end of 2026.

The initiative included preparations for real-value settlement in after-hours derivatives trading and experiments involving more than HK$1.3 trillion in Exchange Fund Bills.

Standard Chartered has participated in Project Ensemble since 2024, contributing to technical development and transaction experiments before introducing its latest corporate service.

Mary Huen, the bank’s CEO for Hong Kong and Greater China and North Asia, said the institution had gained practical experience through some of EnsembleTX’s earliest real-value transactions.

Huen welcomed the HKMA’s latest initiatives under its DART framework and said the bank intends to support clients with treasury management, liquidity transfers and digital asset transactions across borders.

Fireblocks and HashKey join the banking initiative

Standard Chartered’s partnership with Fireblocks will make banking capabilities accessible through the digital asset infrastructure provider’s platform.

The integration is intended to give digital asset businesses a way to access the bank’s services through systems they use for institutional digital asset operations.

HashKey’s participation brings another established digital asset business into the network, although Standard Chartered did not specify which services HashKey would initially offer through the arrangement.

China AMC, Finloop and PantherTrade have already used EnsembleTX for live transactions involving tokenized deposits and money market funds, according to the announcement.

Ole Matthiessen, Standard Chartered’s global head of Transaction Services and Digital Assets, said the service is intended to help institutions move funds between banks and markets more efficiently.

He described the launch as bringing digital money into practical treasury and investment workflows, supported by existing banking controls.

Standard Chartered builds on earlier blockchain banking projects

Standard Chartered has previously worked on tokenized deposits through separate initiatives involving Ant International and HSBC.

In December 2025, the bank introduced a blockchain-based deposit solution with Ant International that supported transfers in Hong Kong dollars, offshore Chinese yuan and US dollars through Ant’s Whale treasury platform.

The bank later completed a live transaction with HSBC in August 2026 using Swift’s blockchain-based ledger.

The transaction connected the banks’ separate tokenized deposit systems, allowing payment obligations to be matched and recorded before final settlement through existing banking infrastructure.

Standard Chartered has been developing stablecoin services alongside its tokenized deposit operations.

In August, its joint venture Anchorpoint Financial began rolling out HKDAP, a regulated Hong Kong dollar-backed stablecoin initially available to institutional distributors and professional investors.

The venture, established with Animoca Brands and HKT, received an HKMA stablecoin issuer license in April 2026.

HKDAP’s initial applications included cross-border payments, fiat conversion and settlement of tokenized financial assets, with HashKey Exchange participating as a distribution partner.