RWA Bonds - Futian Investment Holding's RMB offshore bonds start public chain securitization

On April 30, 2024, Hong Kong launched Asia's first spot Ethereum ETF, utilizing a world-first physical subscription and redemption model. This attracted approximately US$1 billion in asset inflows, solidifying Hong Kong's position as a hub for digital assets in Asia and setting a benchmark for the globalization of decentralized finance (DeFi) products. Subsequently, on August 28, 2024, Ant Digital Technology and Longxin Group completed China's first Ethereum-based new energy charging station (RWA) transaction under the Hong Kong Monetary Authority's Ensemble sandbox program, raising 100 million yuan. This breakthrough demonstrates the potential of blockchain to empower the real economy and opens up new channels for new energy financing. Furthermore, on August 29, 2025, Futian Investment Holding (AAA rating in China, A- rating by Fitch) issued RMB 500 million in offshore bonds in Hong Kong (with a two-year term and a coupon rate of 2.62%). The token, called FTID TOKEN 001 (Fubi), marked a milestone in the digitization of state-owned enterprise bonds. These landmark events demonstrate Hong Kong's leading position in blockchain technology and green finance, promote the deep integration of global fintech and traditional finance, and open up new paths for the real economy and the digital asset market.

Futian Investment Holding's Pioneering Initiative: The On-Chain Revolution of RMB Offshore Bonds

Futian Investment Holding issued RMB 500 million offshore bonds in Hong Kong.

This 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 the beginning.

It integrates public offering, exchange listing (Macau Exchange MOX and Shenzhen Stock Exchange) and RWA tokenization. The issuance was led by GF Securities (Hong Kong), in partnership with CMB International, CICC, CMBC Capital, Orient Securities, Songgang International Securities, and Guoyuan International, ensuring world-class risk control and bookkeeping. Leveraging Ethereum's consensus mechanism, the bonds are cleared without an intermediary. Holding tokens effectively locks in ownership and income rights, while ensuring transaction transparency and efficiency. Following its 3 billion yuan offshore bond issuance in October 2024, Futian Investment Holding has capitalized on the RWA trend, broadening global financing channels, optimizing its capital structure, and leveraging Hong Kong's favorable policies. This marks a global benchmark for on-chain securitization of offshore RMB bonds. This pioneering initiative not only facilitates the internationalization of the RMB but also demonstrates the scalability of public blockchain technology within a regulatory compliance framework, providing a replicable model for the capital market. The disruptive significance of RWA: Reshaping financial efficiency and inclusiveness. Futian Investment Holding's RWA bond issuance is not an isolated incident, but rather a precise reconstruction of the traditional financial system. Its core impact is reflected in multiple dimensions: First, by tokenizing fractional ownership, RWA lowers the investment threshold, allowing small and medium-sized investors to participate in institutional-grade assets at a low cost, breaking down the barriers to high net worth investors. Secondly, blockchain's immutable ledger and smart contract automation shorten settlement cycles from T+2 to seconds, reducing costs by up to 90% and enabling 24/7 global trading, completely unleashing market vitality. Finally, as an offshore RMB bond, Fubi attracts international capital inflows through the public blockchain, strengthening the RMB's strategic position in global settlement and fostering efficient capital circulation, particularly in the offshore market. Furthermore, global institutions such as Franklin Templeton and JPMorgan Chase have piloted tokenized assets using public blockchains like Ethereum and Stellar, signaling that RWAs will become the next hotbed for institutional capital. Futian Investment Holding's success has instilled confidence in traditional financial institutions, demonstrating that mainstream securities firms are replacing pure blockchain companies as the driving force of fintech transformation, driving public blockchain securitization from concept to practice. Hong Kong's Catalytic Role: A Dual Drive of Policy and Markets As an international financial hub, Hong Kong played a bridging role in this issuance. In 2022, the Hong Kong SAR government issued a virtual asset policy statement, explicitly embracing Web 3.0 and aiming to build a leading global blockchain financial center. The Stablecoin Ordinance, passed in May 2025, came into effect on August 1st, with plans to issue the first batch of licenses within the year. This attracted competition from 77 institutions, including Ant Group and PetroChina. The Hong Kong Monetary Authority's "Digital Bond Subsidy Scheme," launched in November 2024, further lowered issuance barriers by subsidizing up to 50% of the costs (capped at HK$1.25 million for the half-amount and HK$2.5 million for the full-amount). This directly catalyzed Futian Investment Holding's RWA bond issuance. A CITIC Securities research report pointed out that Hong Kong is building a global circulation system for offshore RMB through the RMB stablecoin and RWA bond markets. This not only amplifies Hong Kong's policy dividends but also provides a strategic fulcrum for the internationalization of China's financial innovation. Futian Investment Holding's case is a pioneering example of this ecosystem, demonstrating how public chain securitization can be accelerated with policy support. The Future of RWAs: From Bonds to Trillion-Level Applications Futian Investment Holding's RWA bonds are just the beginning; their potential is expanding into broader areas. In cross-border trade, tokenized invoices enable instant collateralized loans, while smart contracts automate compliance checks and profit distribution, significantly reducing fraud risks. In supply chain finance, tokenized commodities can serve as dynamic collateral to unlock liquidity. Global precedents have already emerged: in 2023, HSBC issued digital bonds for Chinese institutions on Ripple's XRP ledger; Polytrade achieved securitization on the Polygon chain; and Novastro's Direct-to-Consumer (DTC) module optimizes on-chain asset management by embedding AI-powered valuation and risk scoring. Technological integration further amplifies the potential of RWAs. AI-driven predictive models can provide dynamic yield scores for tokenized real estate, while Ethereum, as a neutral settlement layer, has already processed tens of billions of dollars in assets and is expected to replace traditional financial backends. Asian markets are also accelerating: CMB International launched a fund on Solana, signaling the rise of a hybrid model combining public blockchains and traditional finance. However, it's worth noting that challenges remain. Cross-border regulatory coordination, on-chain and off-chain bridging risks, and data quality issues need to be addressed one by one. With the maturity of Hong Kong's stablecoin ecosystem and the increasing investment of global institutions, the unlocking of trillions of yuan in RWA value is imminent, and public chain securitization will expand from bonds to all asset classes. Conclusion: The Public Chain Financial Revolution Ignited by Fubi Futian Investment Holding's offshore RMB RWA bond is not just a test, but a declaration of war against traditional finance. It demonstrates that public chain technology can support institutional-grade securitization within a regulatory framework, unlocking unprecedented liquidity and efficiency. From the speculative craze of Web3 to deep anchoring in the real economy, this case study paints a clear blueprint for the global capital market. As RWA moves from the fringe to the mainstream, it is expected to reshape capital allocation and help China and even the world enter a new era of digitalization and inclusion. The birth of Fucoin is just the starting point of the wave of public chain securitization - the future of finance is already on the chain.

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