Hong Kong Unveils Institutional Gold Token Backed by 400-Ounce Bars for Interbank Settlement

Hong Kong has announced plans to launch an institutional gold-backed token representing standard 400-ounce bullion bars to facilitate interbank trading and settlement. Announced by Secretary for Financial Services and the Treasury Christopher Hui during Hong Kong FinTech Week, the token will use HAU benchmark pricing and settle via tokenized bank deposits under the Hong Kong Monetary Authority's Project Ensemble sandbox. In parallel, the HKMA expanded its EnsembleTX pilot for 24/7 settlements across 12 banks and 20 industry partners, while a central clearing system for over-the-counter gold is slated for the first quarter of 2027.