Author: Bai Lu Meeting Room
On April 30, 2024, Hong Kong took the lead in launching Asia's first spot Ethereum ETF, adopting a globally pioneering physical redemption model, attracting approximately $1 billion in asset inflows. This not only solidified its position as an Asian digital asset hub but also set a benchmark for the globalization of decentralized finance (DeFi) products. Following this, on August 28, 2024, Ant Digital Technology and Longxin Group completed China's first RWA transaction based on the Ethereum blockchain for new energy charging piles under the Hong Kong Monetary Authority's Ensemble sandbox program, with a financing amount of 100 million yuan. This breakthrough demonstrated the potential of blockchain to empower the real economy and opened new channels for financing in the new energy sector. Furthermore, on August 29, 2025, Futian Investment Holdings (domestic AAA rating, Fitch A-) issued 500 million yuan offshore bonds in Hong Kong (2-year term, coupon rate of 2.62%), with the token named FTID TOKEN 001 (abbreviated as Fu Coin), marking a milestone in the digitalization of state-owned enterprise bonds. These landmark events highlight Hong Kong's leading position in blockchain technology and green finance, promoting the deep integration of global fintech and traditional finance, and opening new pathways for the real economy and digital asset markets.
Futian Investment Holdings' Innovation: The On-Chain Revolution of Offshore RMB Bonds
Futian Investment Holdings issued 500 million yuan offshore bonds in Hong Kong, which is not a digital version of traditional bonds but the world's first financial product anchored to the Ethereum public chain in the form of a native token from its inception, integrating public issuance, exchange listing (Macau Exchange MOX and Shenzhen Stock Exchange), and RWA tokenization. The issuance was led by GF Securities (Hong Kong), in collaboration with CMB International, China International Capital Corporation, Minyin Capital, Orient Securities, Songgang International Securities, and Guoyuan International, ensuring international-level risk control and book management.
Through Ethereum's consensus mechanism, the bonds achieve intermediary-free settlement, with token holders locking in ownership and income rights, while transaction transparency and efficiency directly address the pain points of traditional finance. Following the issuance of 3 billion yuan in offshore bonds in October 2024, Futian Investment Holdings has precisely captured the RWA trend, broadened global financing channels, optimized capital structure, and fully leveraged Hong Kong's policy dividends, setting a global benchmark for the on-chain securitization of offshore RMB bonds. This innovation not only supports the internationalization of the RMB but also demonstrates the scalability of public chain technology within a regulatory compliance framework, providing a replicable template for capital markets.
The Disruptive Significance of RWA: Reshaping Financial Efficiency and Inclusivity
The issuance of RWA bonds by Futian Investment Holdings is not an isolated event but a precise reconstruction of the traditional financial system. Its core impact is reflected in multiple dimensions: first, through tokenization, fractional ownership is achieved, lowering the investment threshold for RWA and allowing small and medium investors to participate in institutional-level assets at low cost, breaking down high-net-worth barriers. Second, the immutable ledger of blockchain and the automation of smart contracts compress the settlement cycle from T+2 to seconds, reducing costs by up to 90% and enabling 24/7 global trading, completely liberating market vitality. Finally, as an offshore RMB bond, Fu Coin attracts international capital inflows through the public chain, strengthening the strategic position of the RMB in global settlements, especially forming an efficient capital cycle in offshore markets.
Moreover, global institutions such as Franklin Templeton and JPMorgan have piloted tokenized assets through public chains like Ethereum and Stellar, indicating that RWA will become the next trend for institutional funds. The success of Futian Investment Holdings instills confidence in traditional financial institutions, declaring that mainstream brokerages are replacing purely on-chain enterprises, becoming the engine of fintech transformation, and pushing public chain securitization from concept to practice.
Hong Kong's Catalyst Role: Dual Drive of Policy and Market
As an international financial hub, Hong Kong played a bridging role in this issuance. In 2022, the Hong Kong SAR government released a policy statement on virtual assets, clearly embracing Web 3.0, with the goal of creating a globally leading blockchain financial center. The "Stablecoin Ordinance," passed in May 2025, took effect on August 1, planning to issue the first batch of licenses within the year, attracting 77 institutions including Ant Group and China National Petroleum. The "Digital Bond Financing Program" launched by the Hong Kong Monetary Authority in November 2024 further lowered issuance barriers, subsidizing up to 50% of costs (with a half-limit of 1.25 million HKD and a full limit of 2.5 million HKD), directly catalyzing the issuance of RWA bonds by Futian Investment Holdings.
CITIC Securities' research report sharply points out that Hong Kong is building a global circulation system for offshore RMB through the RMB stablecoin and RWA bond market. This not only amplifies Hong Kong's policy dividends but also provides a strategic foothold for the internationalization of China's financial innovation. The case of Futian Investment Holdings is a pioneering practice in this ecosystem, demonstrating how public chain securitization can accelerate implementation with policy support.
The Future Landscape of RWA: From Bonds to Trillion-Level Applications
The RWA bonds of Futian Investment Holdings are just the starting point, with their potential expanding into broader fields. In cross-border trade, tokenized invoices can enable instant collateralized loans, while smart contract automation can facilitate compliance checks and income distribution, significantly reducing fraud risks. In the field of supply chain finance, tokenized goods can serve as dynamic collateral, releasing liquidity. Global precedents have emerged: in 2023, HSBC issued digital bonds for Chinese institutions on the Ripple XRP ledger; Polytrade achieved securitization on the Polygon chain; Novastro's DTC module embedded AI for valuation and risk scoring, optimizing on-chain asset management.
The integration of technology further amplifies the potential of RWA. AI-driven predictive models can provide dynamic yield scoring for tokenized real estate, while Ethereum, as a neutral settlement layer, has processed hundreds of billions of dollars in assets and is expected to replace traditional financial backends. The Asian market is also accelerating: CMB International issued funds on Solana, indicating that a hybrid model of public chains and traditional finance is on the rise.
However, it is worth mentioning that challenges still exist. Cross-border regulatory coordination, on-chain and off-chain bridging risks, and data quality issues need to be addressed one by one. As the stablecoin ecosystem in Hong Kong matures and global institutions increase their involvement, the unlocking of trillion-level value for RWA is imminent, and public chain securitization will expand from bonds to all asset classes.
Conclusion: The Public Chain Financial Revolution Ignited by Fu Coin
Futian Investment Holdings' offshore RMB RWA bonds are not a trial run but a declaration of war against traditional finance. They prove that public chain technology can support institutional-level securitization within a regulatory framework, unleashing unprecedented liquidity and efficiency. From the speculative frenzy of Web 3.0 to the deep anchoring in the real economy, this case outlines a clear blueprint for global capital markets. As RWA moves from the margins to the mainstream, it is expected to reshape capital allocation and help China and the global financial system transition to a digital and inclusive new era. The birth of Fu Coin is just the starting point of the wave of public chain securitization—the future of finance is already on-chain.
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