Hong Kong has announced the launch of tokens that will accumulate interest daily and allow flexible redemption. These tokens, denominated in major currencies, mark a significant step towards the tokenization of real assets.
Tokens in Modern Finance
The tokens, which accumulate interest daily, are denominated in major currencies such as the U.S. dollar, Hong Kong dollar, and offshore yuan. Notably, the U.S. dollar version of the token is pegged to the Secured Overnight Financing Rate (SOFR), a widely followed benchmark in traditional finance.
GF Securities' Strategy
Zeng Chao, CEO of GF Securities (Hong Kong), described the launch as a strategic move that reinforces the firm's edge in the fast-evolving digital asset space. He emphasized that the collaboration with HashKey sets the stage for future growth in on-chain financial services.
Support from Hong Kong Government
The announcement coincided with new policy direction from the Hong Kong government. Just a day earlier, Financial Secretary Paul Chan unveiled 'Policy Statement 2.0,' outlining fresh support for tokenized real-world assets and the expansion of crypto licensing.
Hong Kong is actively developing the tokenization of traditional financial instruments, indicating its intention to remain at the forefront of digital financial technologies.
