Standard Chartered Launches Blockchain-based Tokenised Deposits Solution
Standard Chartered Launches Blockchain-based Tokenised Deposits Solution
Standard Chartered Bank (Hong Kong) Limited has implemented a blockchain-based tokenised deposits solution under the Supervisory Incubator for Distributed Ledger Technology and Project Ensemble led by the Hong Kong Monetary Authority.
The bank has tokenised HKD, CNH, and USD deposit accounts for Ant International on Ant International’s Whale platform, a blockchain-enabled, real-time treasury management system. This follows the completion of an HKD-denominated blockchain test settlement conducted in 2024 and marks the first live client adoption of tokenised deposits by the bank. The implementation enables continuous, real-time movement of funds across multiple currencies within a regulated framework in Hong Kong.
Operational Scope and Market Context
Multi-currency tokenised deposits on a live treasury platform: The solution tokenises HKD, CNH, and USD deposits held with the bank and integrates them directly into Ant International’s Whale platform, allowing treasury operations to be executed on-chain while remaining linked to regulated bank accounts.
Real-time, continuous liquidity movement: The setup supports 24/7 value transfers between Ant International entities, reducing reliance on batch-based settlement cycles and enabling near real-time liquidity allocation across jurisdictions.
First commercial client deployment: Ant International is the first client of the bank to adopt this tokenised deposits structure, moving the initiative beyond sandbox testing into a production treasury environment.
Regulatory and Ecosystem Participation
Alignment with Hong Kong’s tokenisation initiatives: Both institutions participate in Project Ensemble, an HKMA-led programme designed to test and scale tokenisation use cases within a supervised environment.
Membership in the EnsembleTX network: The bank and Ant International are members of EnsembleTX, which focuses on accelerating adoption of tokenised assets and shared infrastructure in Hong Kong.
Sandbox-driven development: Since May 2024, the bank has contributed to the Project Ensemble Architecture Community, supporting the development of technical standards and sandbox design. Ant International has also developed two tokenisation use cases on the Whale platform within the same sandbox and joined the Architecture Community in November 2025.
Treasury and Payments Implications
Integration of banking and on-chain treasury systems: The direct connection between regulated deposit accounts and a blockchain treasury platform enables automated liquidity flows without requiring off-platform reconciliation.
Support for cross-border treasury operations: By combining tokenised deposits with multi-currency support, the structure addresses cross-border working capital management needs for globally distributed entities.
Contribution to Hong Kong’s tokenised asset market: The deployment adds a live example of tokenised deposits operating under regulatory oversight, contributing to the broader development of tokenised cash and settlement models in the Hong Kong market.
