HSBC launched Hong Kong’s first blockchain-based settlement service, letting corporate clients instantly transfer HKD and USD via tokenised deposits. The live pilot with Ant International on HSBC’s Whale platform, backed by the HKMA, settled its first HKD/USD transaction in under a second versus days on legacy rails.

This isn’t crypto theatre—it’s institutions like HSBC, JPMorgan and Citi operationalising programmable cash for enterprise treasury, or risk ceding speed, cutting FX costs and liquidity control to nimbler rivals. With Hong Kong’s new stablecoin law and a $30T tokenisation market by 2030, tokenised deposits are a new baseline for enterprise cash management.