[Hong Kong Monetary Authority's 'Ensemble' Project Pilot Run Upgraded to Real Transaction Phase] The 'Ensemble' project under the Hong Kong Monetary Authority (HKMA) has entered the pilot run phase and will launch the 'EnsembleTX' interoperability platform on November 13, 2025. HKMA Chief Executive Eddie Yue stated that this marks a significant moment as Hong Kong's tokenization progresses from proof of concept to real transactions. 'Ensemble' aims to leverage Hong Kong's existing payment systems to encourage banks and market participants to utilize tokenized deposits and assets, fostering tokenization use cases with real value.