A Hong Kong, Futian Investment placed a digital bond of 500 million RMB on August 29, 2025, registered on Ethereum (Ethereum.org).
According to the issuer, this is the first public placement of its kind on a public blockchain, a precedent that could accelerate the development of regulated on‑chain finance.
Authorities and market infrastructures in Hong Kong have already initiated initiatives and guidelines on tokenization and regulation of digital assets, including the launch of sandboxes and regulatory roadmaps to support real‑world use cases (HKMA Project Ensemble Sandbox, SFC roadmap “A-S-P-I-Re”).
Our fintech research team has been following the main digital issuances from 2021 to today, noting how most pilot projects have chosen permissioned or hybrid infrastructures; the HK + RMB + mainnet combination reported by Futian is therefore relatively rare in the monitored dataset.
Industry analysts observe that, if confirmed with public on-chain data (transaction hash, smart contract address), the operation could serve as a case study for the convergence between regulated markets and public mainnets.
The issuance combines the bond market and distributed ledgers to expand funding sources while testing the tokenization of securities in a regulated context.
In particular, the choice to use a public blockchain like Ethereum differentiates the operation from previous initiatives on permissioned infrastructures.
It should be noted that, if adequately scalable, such an approach can foster a closer dialogue between traditional infrastructures and on-chain instruments, as highlighted in some articles on security tokens and on-chain finance.
The definition of “first public digital bond on Ethereum” should be understood considering specific criteria: the operation involves a public offering in Hong Kong, a native on-chain registration, and denomination in RMB.
In the past, issuances like the 2021 digital bond by the EIB (EIB) on a public blockchain and the tokenized green bonds of Hong Kong have marked significant milestones, but generally with different structures, jurisdictions, or platforms (often permissioned environments).
An interesting aspect is the very specific reference to the HK + RMB + mainnet scope: this is where the claim to primacy by Futian is positioned.
The operation is structured as an offshore bond in renminbi with on-chain registration on Ethereum and methods compliant with a regulated market in Hong Kong. The framework aims to combine on-chain transparency with compliance processes typical of fixed income.
In this logic, the distributed ledger functions as a ledger of movements, while the legal documentation remains anchored to local disclosure and supervision requirements.
Registration on a public blockchain ensures traceability and the possibility of on-chain verification.
The issuer has not specified which standard it uses for the token; in the security token market, models like ERC-3643 (Ethereum Improvement Proposal, formerly ERC-1400) or compatible variants are widespread, capable of supporting functions such as whitelisting, role management, and transfer restrictions to comply with KYC/AML requirements.
It should be noted that the absence of a formal indication on the standard leaves some operational questions open, from permission management to portability between custodians.
Additionally, registration on Ethereum promotes interoperability with custody services and potential secondary trading, subject to compliance with applicable regulatory requirements for investors.
If confirmed, this point can facilitate the construction of a more efficient secondary market, as discussed in various insights on tokenization and secondary markets.
The authorities in Hong Kong, particularly the HKMA (HKMA) and the SFC (SFC), have provided guidance on tokenised securities, custody, and market conduct. In this framework, institutional resources such as the Hong Kong Government Office (HK Government Office) complete the informational perimeter to support issuances.
The alignment between traditional regulations and digital requirements remains central, both for investor identification and holder registration, from an AML/CFT perspective. Additionally, the treatment of rating, disclosure, and listing on local platforms requires implementations consistent with regulatory directives.
If replicable, the model could help increase the supply of RMB-tokenized securities and consolidate Hong Kong’s role as a hub for digital issuances.
In the short term, it is plausible to witness pressure towards the adoption of common standards for on‑chain trading and increased interest from institutional investors in renminbi-denominated issuances.
An interesting aspect is the possible convergence between traditional settlement practices and automation tools based on smart contracts, a topic also discussed in this in-depth analysis.
Futian had already completed a conventional foreign issuance in 2024; in 2025, it initiated the integration of blockchain technology into its operations. Globally, interest in tokenized assets has grown, with numerous pilot initiatives on digital bonds and tokenized green bonds in various jurisdictions.
It should be noted that the pace of adoption also depends on regulatory clarity and the maturity of technical infrastructures.
