TLDR
- Ripple’s CBDC Platform powered key tests in the HKMA e-HKD pilot.
- Hong Kong will issue its first stablecoin licences under new 2026 rules.
- Ripple’s platform supports lifecycle management for CBDCs and stablecoins.
- Ripple has active CBDC projects in Bhutan, Palau, and Montenegro.
Ripple’s long-term work in digital currency systems is gaining new attention as Hong Kong moves toward its next stage of stablecoin rules. The city will issue its first stablecoin licences in early 2026, and Ripple’s early role in building core CBDC systems is now seen as aligned with this new phase. Its work with banks and the Hong Kong Monetary Authority has placed its technology inside real tests for digital money.
Ripple’s Role in the e-HKD Pilot
Ripple took part in the Hong Kong Monetary Authority’s e-HKD pilot, which tested the use of a central bank digital currency in daily financial tasks. The pilot used Ripple’s CBDC Platform, which is built on XRP Ledger technology. The platform supported tokenised assets, retail transactions, and settlement tools for banks.
In the pilot, banks used the system to digitise property assets and manage equity release products. Ripple worked with Fubon Bank of Taiwan and other partners to show how CBDCs can support faster processing and real-time settlement. The pilot ran across several use cases so the HKMA could measure the model in a live setting.
Hong Kong’s Stablecoin Licensing Phase
Hong Kong placed its Stablecoin Regulation Framework into force in August 2025. The framework requires any issuer of fiat-backed stablecoins to obtain a licence from the HKMA. Officials say the licence program will begin with a small group of issuers in early 2026.
Authorities want the first round to move slowly so that controls, reporting rules, and risk checks remain stable. The HKMA said the plan is to approve “a limited number of licences” at the start so that the market can build trust over time. The authority also wants to avoid the problems seen in other markets that operated without clear rules.
Ripple’s Broader Technology Model
Ripple’s CBDC Platform supports tools for issuing, managing, and redeeming both CBDCs and stablecoins. It uses the XRP Ledger as its base, and it allows central banks and financial firms to control privacy, access, and transfers. The system also connects with banking networks so that tokenised money can move between CBDCs, stablecoins, and fiat.
Industry groups say this design gives Ripple a wider role as Hong Kong prepares its licence window. The platform can support both government digital currencies and private stablecoins, which may help issuers meet new rule requirements. Ripple says its system is built for large institutions that want clear audit paths and controlled access.
Global Expansion of Ripple’s CBDC Work
Ripple is also active in CBDC programs outside Hong Kong. It has ongoing projects in Bhutan, Palau, and Montenegro, where governments are testing digital currency systems. These pilots apply the same model used in the e-HKD program, and they show how Ripple’s system can support different regulatory setups.
In Asia, Ripple has increased its work with Mitsubishi UFJ Financial Group and other banks. Many of these institutions are exploring blockchain models for tokenised deposits and digital assets. These tests show how the company’s early investment in CBDC tools now fits the needs of new regulated markets.
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