Euroclear links up with Hong Kong's wCBDC Project Ensemble
Project Ensemble, an initiative by the Hong Kong Monetary Authority (HKMA), is making significant strides in supporting the development of Hong Kong's tokenization market and broader digital asset ecosystem.
Key status and recent developments include:
- The HKMA unveiled Project Ensemble in August 2025 to facilitate the growth of Hong Kong's tokenization market, with the aim of enhancing digital asset infrastructure and use cases in wholesale finance [3][4].
- The project aligns with Hong Kong’s initiatives around virtual assets, following the city’s accelerated regulatory framework since early 2025, including licensing and custody rules enhancements, which demonstrate strong government support for digital asset innovation [1][4].
- As of August 2025, over 11 digital asset trading platforms have been licensed, and nine additional applications are under processing by the Securities and Futures Commission (SFC), indicating a growing ecosystem conducive to CBDC and tokenization technology integration [4].
- The ecosystem’s expansion is further highlighted by major institutions and market participants, including banks and asset managers, showing interest in participating in Hong Kong's digital asset markets [1][5].
- Project Ensemble's Architecture Community has welcomed new members such as JP Morgan, R3, WeBank Technology Services, and Euroclear. Euroclear, the sole financial market infrastructure (FMI) community participant, aims to develop interoperability standards between central bank money, tokenized deposits, and tokenized assets [4].
- In May last year, Euroclear helped develop a global framework for digital assets, produced by the three largest securities FMIs: Clearstream, DTCC, and Euroclear [6].
- JP Morgan joined Project Ensemble in October [6].
- The broader ecosystem's participants also include Northern Trust, Bosera Asset Management, Fosun Wealth, Solowin Holdings, and CR Longdation, among others [4].
- While the exact number of participants in the broader ecosystem is not specified, the sandbox launch of Project Ensemble took place in August with a tight group of participants, including four banks (HSBC, Standard Chartered, Bank of China, Hang Seng Bank), Microsoft Hong Kong, Ant Digital Technologies, Hashkey Group, and Euroclear [1][2].
In summary, Project Ensemble is advancing within Hong Kong’s supportive regulatory and market environment, playing a strategic role in the wholesale CBDC and tokenization agenda, with progress marked by regulatory approvals, ecosystem growth, and institutional interest as of August 2025. The involvement of new members such as JP Morgan, R3, and WeBank Technology Services suggests that Project Ensemble is expanding and gaining more traction.
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