GF Securities' Offshore Yuan-Backed Token Launch
Chinese brokerage GF Securities has collaborated with HashKey to introduce tokenized securities in various currencies including the U.S. dollar, Hong Kong dollar, and offshore yuan in Hong Kong. These tokenized securities, known as 'GF Token,' accrue daily interest and can be redeemed daily, targeting high-net-worth individuals and institutional investors. The launch signifies Hong Kong's significant progress in the realm of real-world asset tokenization, paving the way for future on-chain collaboration in the securities industry. The USD-denominated tokens are linked to the Secured Overnight Financing Rate (SOFR), reflecting the overnight borrowing cost secured by Treasury securities. Issued on HashKey Chain, tokens will be distributed later. The initiative enhances Hong Kong's tokenized securities ecosystem, reinforcing GF Securities' pioneering position in digital finance. This follows Hong Kong's recent policy aimed at supporting RWA tokenization and expanding crypto licensing, with other firms like Guotai Junan and China Merchants Securities also moving towards crypto trading services.
FAQ
❓ What is GF Securities' new initiative in Hong Kong?
GF Securities has introduced tokenized securities in Hong Kong, backed by offshore yuan and other currencies.
❓ Who can invest in these tokenized securities?
These securities are designed for high-net-worth individuals and institutional professional investors.
❓ What does the USD version of the tokens benchmark to?
The USD tokens are benchmarked to the Secured Overnight Financing Rate (SOFR).