According to ChainCatcher, Visa, HSBC and Hang Seng Bank have launched a tokenized deposit trial in the Hong Kong e-HKD pilot program. The trial covers two major use cases: real estate transaction settlement and Visa card payment.

Visa noted that tokenized deposits can not only improve settlement efficiency but also innovate new business applications. Last week, Visa released a report on the trial.

Vincent Lau, global head of digital currencies at HSBC Global Payment Solutions, said realizing the benefits of tokenized deposits requires further development of interoperability between different banks.

The trial showed that tokenized deposits can improve business efficiency and transparency through simplified processes, reduced manual verification and almost real-time settlement time, while blockchain technology also enhances data transparency. Despite the challenges of regulatory evolution and infrastructure construction, Visa and HSBC are optimistic about the actual effect of tokenized deposits.