HKMA e-HKD Pilot Programme 2025 Completes Phase 2 with Focus on Wholesale Use

The HKMA e-HKD Pilot Programme 2025 has concluded its second phase, with 11 industry pilots confirming that both e-HKD and tokenised deposits can deliver cost-efficient, programmable, and resilient transactions. The Hong Kong Monetary Authority said public confidence in the banking system ensures strong trust in both digital forms. As a credit-risk-free central bank instrument, e-HKD is now viewed as best suited for wholesale applications such as tokenised asset settlement and cross-border trade. Retail rollout will come later. The HKMA aims to complete policy, legal, and technical groundwork by mid-2026 and standardise tokenisation for scalability. Chief Executive Eddie Yue said the pilots are shaping Hong Kong’s digital-money roadmap.