# Hong Kong Monetary Authority CMU on-chain settlement
Yue Wai-man mentioned at the Treasury Markets Summit that the central securities depository’s debt instruments settlement system will launch new services by the end of this year, enabling on-chain 24/7 real-time settlement.
This step will have the most direct impact on institutions tokenising Hong Kong dollar assets: the settlement window will shift from business days to around-the-clock coverage, opening up new possibilities for the on-chain cash leg. The same remarks also noted support for e-HKD and central bank digital currency (CBDC). It will also study accepting tokenised deposits and regulated stablecoins for settlement on the platform—note that “studying acceptance” indicates direction rather than an already implemented capability.
Assessment: if by the end of the year only the e-HKD and CBDC channels are brought online, with stablecoin settlement still at the research stage, then the practical onboarding impact on existing stablecoin issuers will be close to zero.
$PENGU $UNI $MUBARAK
Yue Wai-man mentioned at the Treasury Markets Summit that the central securities depository’s debt instruments settlement system will launch new services by the end of this year, enabling on-chain 24/7 real-time settlement.
This step will have the most direct impact on institutions tokenising Hong Kong dollar assets: the settlement window will shift from business days to around-the-clock coverage, opening up new possibilities for the on-chain cash leg. The same remarks also noted support for e-HKD and central bank digital currency (CBDC). It will also study accepting tokenised deposits and regulated stablecoins for settlement on the platform—note that “studying acceptance” indicates direction rather than an already implemented capability.
Assessment: if by the end of the year only the e-HKD and CBDC channels are brought online, with stablecoin settlement still at the research stage, then the practical onboarding impact on existing stablecoin issuers will be close to zero.
$PENGU $UNI $MUBARAK
