Wednesday, 12 Nov 2025
The government priced the equivalent of US$1.3bil of the notes in US dollars, Hong Kong dollars, euros and offshore yuan. — Bloomberg
HONG KONG: Hong Kong has sold a new set of “digitally native” green bonds denominated in four currencies, intensifying the city’s drive to become a global hub for digital assets.
The government priced the equivalent of US$1.3bil of the notes in US dollars, Hong Kong dollars, euros and offshore yuan, according to sources.
It is Hong Kong’s third such sale since 2023. Digital bonds are debt instruments that utilise blockchain technology for their issuance, trading and settlement.
The notes can be issued through distributed ledger technology platforms such as those provided by HSBC Holdings Plc or Goldman Sachs Group Inc, or on public blockchains like Ethereum, which may offer greater flexibility.
The securities have been gaining momentum in Hong Kong as the government takes steps to encourage tokenized bond issuance. The push has come as policymakers across Asia have been rushing to embrace digital assets, looking to keep pace with US President Donald Trump’s pro-crypto policies.
“Singapore and Dubai have made strong strategic moves in digital assets, posing real competition to Hong Kong,” said Li Han, analyst at Citic Securities.
“The city’s legal framework still needs clarity on tokenised bonds, as the existing system is designed based on traditional bonds.”
In addition to the government’s bond sales, at least six digital notes have been issued by corporates in the city, raising a total of US$1bil, according to data compiled by Bloomberg. — Bloomberg
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