The Hong Kong Monetary Authority has completed the second phase of the digital Hong Kong dollar trial and will prioritize the development of applications at the "wholesale level."

ChainCatcher news, the Hong Kong Monetary Authority has released the "Phase Two Report of the Digital Hong Kong Dollar Pilot Program," completing 11 sets of experiments and announcing key findings. The results indicate that the digital Hong Kong dollar and tokenized deposits can facilitate cost-effective, programmable, and robust transactions, benefiting users.

The Monetary Authority believes that the current demand for the digital Hong Kong dollar is concentrated outside of retail scenarios, and therefore will prioritize the development of "wholesale-level" applications in the future, promoting the use of the digital Hong Kong dollar for payments among financial institutions. Financial institutions are already using the digital Hong Kong dollar in the tokenized ecosystem development and cross-border payment scenarios, such as international trade settlement.

The Monetary Authority will continue to advance preliminary preparations in policies, laws, and technology, with related work expected to be completed in the first half of 2026. At the same time, the Monetary Authority will announce a set of shared tokenization standards to promote the widespread application of digital currency programmability, laying the foundation for the future development of the digital Hong Kong dollar.