Hong Kong will pilot tokenized Exchange Fund Bills by the end of 2026 and allow regulated stablecoins to trade on licensed platforms, Secretary for Financial Services and the Treasury Christopher Hui said at a press conference. The measures, detailed in an official government briefing, are intended to strengthen digital assets and fintech as a growth engine for a financial center that accounts for roughly half of the world’s digital bond issuance. CMU Omniclear will establish a digital asset platform within the year, offering one-stop services for digital bond issuance and settlement. The government also plans to refine its virtual asset licensing regime and rules for tokenized investment products. The stablecoin policy extends Hong Kong’s existing licensing framework for issuers and moves the market beyond issuance toward regulated trading and broader use cases. Together, the initiatives expand the city’s digital-asset framework from spot trading and custody into capital markets, while supporting its effort to remain competitive as regional rivals accelerate their own programs.