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The Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu, stated that two licensed stablecoin issuers are participating in the central bank's digital currency and tokenized deposit projects led by the Hong Kong Monetary Authority. The Monetary Authority is urging institutions to implement application scenarios and explore the application of compliant stablecoins in the digital finance field. The Hong Kong Monetary Authority has established an Ensemble project architecture working group to promote the construction of local unified standards and achieve interoperability between central bank digital currencies, tokenized currencies, and tokenized assets. The Hong Kong Monetary Authority has launched the Ensemble TX platform, which supports trading of tokenized deposits and digital assets in a pilot environment. Initially, the focus will be on promoting market participants to use tokenized deposits in tokenized monetary fund transactions.