The Hong Kong Monetary Authority (HKMA) announced the progress of the e-HKD pilot program on Twitter. The initiative explores six use case categories including Web3 settlement, asset tokenization, and tokenized deposits. Mastercard is investigating the potential of e-HKD to facilitate transaction settlement on different blockchain platforms.

Pilot projects by Ripple and Fubon Bank unlocked the value of tokenizing real estate assets using e-HKD, while BCG, HKT Payment and Za Bank explored asset-backed tokenized financing for transactions settled in e-HKD. In addition, Hang Seng Bank, HSBC and VISA have conducted pilot projects on secure tokenized deposits to enable real-time 24/7 inter-bank transfers based on tokenized deposits and e-HKD. There will be more payment-related pilot updates in the future.