[Hong Kong Monetary Authority Completes Second Phase of Digital Hong Kong Dollar Pilot, Focuses on Wholesale Applications] The Hong Kong Monetary Authority (HKMA) has released the 'Second Phase Report of the Digital Hong Kong Dollar Pilot Program,' completing 11 trials and announcing the results. The trials demonstrate that the digital Hong Kong dollar and tokenized deposits can achieve cost efficiency, programmability, and robust transactions, with primary demand concentrated outside retail scenarios. Moving forward, the priority will be on developing wholesale-level applications, promoting the use of the digital Hong Kong dollar for payments between financial institutions. Currently, some financial institutions have already utilized the digital Hong Kong dollar within tokenized ecosystems and cross-border payment scenarios, such as international trade settlements. The HKMA plans to complete policy, legal, and technical preparations by the first half of 2026 and will issue a unified tokenization standard to support the programmability and future development of digital currencies.