Standard Chartered debuts tokenized deposits in Hong Kong for corporate clients

By CoinDesk15:10 (UTC), 2 November 2026 Updated

Standard Chartered now allows corporate clients in Hong Kong to move money in the form of tokenized deposits.

The service uses Standard Chartered's blockchain system and infrastructure developed by the Hong Kong Monetary Authority (HKMA). Banks can transfer deposits between one another in real time, with the final payments settled using money issued by the central bank. Hong Kong is the first market where Standard Chartered is offering the service, with plans to expand elsewhere.

The launch coincides with the Hong Kong Monetary Authority's (KKMA) expansion of EnsembleTX to 24-hour settlement using tokenized central bank money. The regulator said the project now includes 12 banks and 20 other participating firms, up from its initial pilot launched in November 2025.

The HKMA said Monday that its EnsembleTX project now includes 12 banks and 20 other participating firms, expanding a pilot launched in November 2025 to support transactions involving tokenized deposits and digital assets.

Hong Kong is the first market where Standard Chartered is offering the service, with no immediate plans to expand elsewhere. The bank did not disclose the value of transactions completed or how many institutions would initially have access to the service.

JPMorgan, Citi and other major banks are currently developing blockchain payment systems. Unlike stablecoins issued by private companies, such as Tether’s and Circle’s U.S. dollar-pegged tokens, tokenized deposits remain money held at a bank. For businesses, that means moving funds outside regular banking hours without first converting deposits into stablecoins.

Standard Chartered is also working with Fireblocks to connect the service to digital asset clients, while Hashkey has also joined the initiative.

The bank has been involved in digital assets for years but has recently stepped up its expansion, testing blockchain payments with HSBC, offering bitcoin and ether trading in the UAE and expanding crypto custody services in Singapore.