Hong Kong Monetary Authority completes second phase of digital Hong Kong dollar trials, prioritizing development of "wholesale-level" applications

ChainCatcher news, the Hong Kong Monetary Authority (HKMA) has released the "Phase 2 Report of the Digital Hong Kong Dollar Pilot Programme," completing 11 sets of trials and announcing the main results. The trial results show that the digital Hong Kong dollar and tokenized deposits can facilitate cost-effective, programmable, and robust transactions, bringing benefits to users.

The HKMA believes that current demand for the digital Hong Kong dollar is focused outside of retail scenarios. Therefore, future development will prioritize "wholesale-level" applications, promoting the use of the digital Hong Kong dollar for payments between financial institutions. Some financial institutions are already using the digital Hong Kong dollar in tokenized ecosystems and cross-border payment scenarios, such as international trade settlements.

The HKMA will continue to advance preparatory work in policy, legal, and technological aspects, with related work expected to be completed in the first half of 2026. At the same time, the HKMA will announce a set of common tokenization standards to promote the widespread application of programmability in digital currencies, laying the foundation for the future development of the digital Hong Kong dollar.