RWA Bonds - Futian Investment Holding Offshore RMB Bonds Launch Public Chain Securitization

On April 30, 2024, Hong Kong will be the first to launch Asia's first Spot Ethereum ETF, adopting a globally pioneering physical redemption model, attracting approximately $1 billion in asset inflow. This not only consolidates its position as an Asian digital asset hub but also sets a benchmark for the globalization of Decentralized Finance (DeFi) products. Following this, on August 28, 2024, Ant Group and Longshine Technology 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 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 Holdings (domestic AAA rating, Fitch A-) issued 500 million yuan offshore bonds (2-year term, coupon rate of 2.62%) in Hong Kong, with the token name FTID TOKEN 001 (referred to 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 financial technology and TradFi, and opening new paths for the real economy and digital asset market.

The Landmark Initiative of Futian Investment Holdings: The On-Chain Revolution of Offshore RMB Bonds

Futian Investment Holdings issued 500 million yuan offshore bonds in Hong Kong. This is not a digital version of traditional bonds, but rather the world's first financial product that is anchored to the Ethereum public chain in the form of native Tokens from the moment of its creation. It integrates public issuance, listing on exchanges (Macau Exchange MOX and Shenzhen Stock Exchange), and RWA tokenization. The issuance is led by GF Securities (Hong Kong), in conjunction 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, bonds achieve intermediary-free settlement, where holding tokens locks in ownership and rights to earnings. The transparency and efficiency of transactions directly address the pain points of traditional finance. Following the issuance of 3 billion yuan in offshore bonds in October 2024, Futian Investment Holding precisely captures the RWA windfall this time, broadening global financing channels, optimizing capital structure, and fully utilizing Hong Kong's policy dividends, setting a global benchmark for on-chain securitization of offshore RMB bonds. This initiative not only aids in the internationalization of the RMB but also demonstrates the scalability of public chain technology within regulatory compliance frameworks, 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 TradFi system. Its core impact is reflected in multiple dimensions: firstly, through tokenization to achieve fractional ownership, RWA lowers the investment threshold, enabling small and medium investors to participate in institutional-grade assets at a low cost, breaking the high-net-worth barrier. Secondly, 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, which completely liberates market vitality. Finally, as an offshore RMB bond, the Fu coin attracts international capital inflows through the public chain, strengthening the strategic position of RMB in global settlement, especially forming an efficient capital cycle in the offshore market.

In addition, 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 hot spot for institutional funds. The success of Futian Investment Control has instilled confidence in traditional financial institutions, declaring that mainstream brokerages are replacing purely on-chain enterprises and becoming the engines of financial technology transformation, driving the securitization of public chains from concept to practice.

The Catalyst Role of Hong Kong: A 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 virtual asset policy statement, clearly embracing Web3.0 with the goal of creating a globally leading blockchain financial center. The "Stablecoin Ordinance," passed in May 2025, came into effect on August 1, planning to issue the first batch of licenses within the year, attracting 77 institutions including Ant Group and China Petroleum to compete. The "Digital Bond Financing Scheme" launched by the Hong Kong Monetary Authority in November 2024 further lowers the barriers to issuance, subsidizing up to 50% of the 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 Futen Investment Holdings.

CITIC Securities' research report sharply points out that Hong Kong is constructing a global circulation system for offshore RMB through RMB stablecoins and the RWA bond market. This not only amplifies Hong Kong's policy dividends but also provides a strategic fulcrum for the internationalization of China's financial innovation. The case of Futian Investment Holding is a pioneering practice of this ecosystem, demonstrating how public chain securitization can accelerate implementation under policy support.

The Future Landscape of RWA: From Bonds to Trillion-Dollar Applications

The RWA bonds from Futian Investment Holding are just the starting point, and their potential is expanding into broader fields. In cross-border trade, tokenized invoices can achieve instant mortgage loans, with smart contracts automating compliance checks and revenue distribution, significantly reducing fraud risk. In the field of supply chain finance, tokenized goods can serve as dynamic collateral, freeing up 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 embeds valuation and risk scoring through AI, optimizing on-chain asset management.

The integration of technology further amplifies the potential of RWA. AI-driven predictive models can provide dynamic yield ratings 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 finance backends. The Asian market is also accelerating: CMB International has issued a fund on Solana, indicating that a hybrid model of public chains and traditional finance is emerging.

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. With the maturation of the stablecoin ecosystem in Hong Kong and the increasing involvement of global institutions, the trillion-dollar value of RWA is just around the corner, 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 just a trial run, but a declaration of war against traditional finance. It proves that public chain technology can support institutional-level securitization under regulatory frameworks, unleashing unprecedented liquidity and efficiency. From the speculative frenzy of Web3 to the deep anchoring in the real economy, this case paints a clear blueprint for global capital markets. As RWA moves from the margins to the mainstream, it is expected to reshape capital allocation, helping China and the global financial system transition to a new era of digitalization and inclusiveness. The birth of Fcoin is just the starting point of the public chain securitization wave — the future of finance has already been put on the chain.

Disclaimer: Readers are advised to strictly comply with local laws and regulations, and this article does not constitute any investment advice.