Hong Kong plans to pilot tokenized Exchange Fund Bills by the end of 2026 and establish a digital asset platform within the year through the Central Moneymarkets Unit (CMU). The platform is intended to provide one-stop services for digital bond issuance and settlement. Hong Kong Secretary for Financial Services and the Treasury Xu Zhengyu said digital assets and financial technology are new growth engines for the city. Digital bonds issued in Hong Kong account for about 50% of the global share, he said. The financial development measures also include improving the virtual asset licensing regime, refining regulatory rules for tokenized investment products, enabling regulated stablecoins to trade on licensed platforms and encouraging broader compliant applications for stablecoins.