Hong Kong Markets Third Round of Digital Bonds Across Multiple Currencies
Hong Kong is marketing a new batch of digitally native bonds in multiple currencies.
Quick overview
- Hong Kong is set to launch a new batch of digital green bonds in multiple currencies, including U.S. dollars and euros.
- This marks the city's third digital bond sale since 2023, as it aims to strengthen its position in the global digital asset market.
- Despite a strong push for digital infrastructure, Hong Kong's legal framework for tokenized bonds still requires clarification.
- Corporate entities are also participating in the market, with blockchain bonds being issued by companies like Shenzhen Futian and Shandong Hi-Speed.
Hong Kong is marketing a new batch of digitally native bonds in multiple currencies. The government plans to sell digital green bonds denominated in U.S. dollars, Hong Kong dollars, euros, and offshore yuan. The deal could price as early as Monday, according to sources familiar with the matter.
This marks Hong Kong’s third digital bond sale since 2023. This fits into Hong Kong’s plan to become a big player in digital assets globally. Digital bonds run on blockchain for issuing, trading, and settling. You can issue them through ledger platforms from places like HSBC or Goldman Sachs, or just put them on public blockchains like Ethereum.
Hong Kong’s been building momentum in this space. The government issued its first tokenized green bond in 2023, using blockchain for transparency in the redemption process. In 2024, they launched a $6 billion multi-currency digital bond that opened access to global investors through connections to Euroclear and Clearstream.
The push comes as Asian policymakers race to embrace digital assets, trying to keep up with the U.S. under Trump’s pro-crypto policies. Singapore and Dubai have made strong moves in digital assets, creating real competition for Hong Kong according to Li Han, an analyst at Citic Securities.
Hong Kong already accounts for nearly 30% of Asian international bond issuances. They’ve topped the regional league table for nine years straight. Now they’re layering digital infrastructure on top of that foundation.
The city’s legal framework still needs work though. The existing system was designed for traditional bonds, and clarity on tokenized bonds remains an issue. Still, the government is pushing ahead with incentives. They’re offering up to HK$2.5 million in grants to encourage tokenized bond issuance.
HSBC’s Orion platform has processed over $1.7 billion in tokenized bond transactions. The platform handles the full lifecycle from issuance to secondary trading while sticking to existing regulatory standards. Over 70% of the $1 billion raised in Hong Kong’s tokenized debt market in 2025 came from institutional buyers using fiat settlements.
Last week, Franklin Templeton launched Hong Kong’s first tokenized money-market fund. The announcement of these new digital green bonds came just days later, showing the pace of development in the city’s digital asset infrastructure.
Corporate entities are getting involved too. Shenzhen Futian and Shandong Hi-Speed have issued blockchain bonds on public chains, diversifying platforms and signaling market maturity beyond just government issuances.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save