- Chinese state-owned enterprise Futian Investment issued the first public RWA digital bond on the Ethereum blockchain.
- This marks the first time tokenized securities on a public blockchain have been listed on traditional exchanges in Shenzhen and Macau.
Futian Investment Holding has made history by launching the first public offering of a tokenized real-world asset (RWA) bond on the Ethereum blockchain. This pioneering online issuance of bonds saw the Chinese state-owned enterprise raise 500 million yuan ($70 million).
The offshore RMB bonds have a two-year maturity and present investors with an interest rate of 2.62%. This is an important step towards the cautious adoption of blockchain integration in conventional financial markets in China.
A wholly state-owned enterprise in Shenzhen, China, has announced the issuance of the world's first publicly listed RWA digital bond on Ethereum. The offshore RMB bond, valued at 500 million yuan, has a two-year term and a coupon rate of 2.62%. https://t.co/ztenKMPGi9
— Wu Blockchain (@WuBlockchain) September 1, 2025
Futian Investment said that this move is a way of allowing the company to further expand its financing channels across the globe, streamline its capital structure and make the most of policy dividends available in Hong Kong. The company emphasized how the initiative contributes to the high-quality development of Futian District by means of the momentum of state-owned enterprises.
Blockchain Integration Enters Traditional Markets
The Ethereum bond has already gained a listing at Shenzhen and Macau exchanges. It is the first example of tokenized securities based on a public blockchain that are approved to trade on a traditional exchange.
Past tokenization of bond offerings in Hong Kong was conducted by way of private placement only. The transition to the public offering opens up the possibility of a wider range of investors. It shows effective ways to introduce blockchain technology to the controlled capital markets.
Hong Kong start-up, NVT, offered full technology solutions for the bond issuance. The founder and CEO of NVT, Jay Zhao, emphasized the dynamic character of tokenization. It is true that, as Zhao explained, the process of tokenization is gradually leaving the exploratory phase and entering a larger-scale and more intensive practice phase.
It is not just about greater investor access. “The significance of this public bond issuance lies not only in enabling broader investor participation, but also in truly bridging traditional capital markets with on-chain infrastructure,” Zhao added.
This RWA bond transforms traditional financial instruments through blockchain technology. Nevertheless, progress does not indicate that China will generally accept digital assets. Strict bans on transactions and mining activities of cryptocurrencies remain in force in China.
The prohibition is based on fears of energy use and the destabilization of the financial system. Regardless, China still allows certain blockchain uses and applications. As highlighted in our previous article, China’s 2025 policy report names IOTA as the only crypto project recognized in digital identity frameworks.
Hong Kong’s Digital Finance Evolution
The launch of the tokenized bonds is in line with the digital finance transformation in Hong Kong. The Hong Kong Monetary Authority (HKMA) announced detailed regulations for stablecoins last month. It is a regulatory framework that seeks to balance innovation and appropriate oversight following bouts of market speculation.
According to HKMA data, the industry is highly interested in stablecoin operations. As of August 31, 77 organizations had shown interest in getting licenses to issue stablecoins. These applications are banks, technology firms, financial institutions, asset managers, e-commerce, payment providers, startups, and Web3 businesses.
The regulator pointed out that the first interest is not guaranteed approval. During the first phase, only a few organizations will be issued licenses. HKMA also warned the public about unlicensed stablecoin promotions circulating in the market.
At the Hong Kong CryptoFi Forum, Changpeng Zhao, the founder of Binance, discussed gaps in the currency representation of blockchain ecosystems.”In today’s blockchain ecosystem, almost everything is USD-denominated; the euro and RMB are essentially absent,” Zhao observed.
He saw possible advantages to the United States. The US is the largest equity market in the world, and blockchain can bring foreign investors to US stocks, which would be of immense benefit.
CZ in Hong Kong: In-Depth Views on Stablecoins, RWA, DAT, AI, and Other Hot Sectors
At the Hong Kong CryptoFi Forum, Binance founder CZ shared insights on stablecoins as tools for USD globalization, the regulatory and liquidity hurdles of RWA tokenization, and the long-term rise… pic.twitter.com/r41KEn8AR3
— Wu Blockchain (@WuBlockchain) September 1, 2025
Zhao cautioned about the impact of competition on Asian exchanges. The Hong Kong Stock Exchange would lose its power without blockchain. Similar strategic choices confront the Shanghai Stock Exchange and the other regional markets.
