GF Securities, HashKey Debut Yield-Producing Tokenized Securities in Hong Kong

Chinese language brokerage GF Securities has teamed up with HashKey to roll out tokenized securities denominated in US {dollars}, Hong Kong {dollars}, and offshore yuan, marking a recent milestone in Hong Kong’s ambition to cement its standing as a worldwide crypto hub.

Key Takeaways:

• GF Securities and HashKey have launched GF Token, providing daily-yielding tokenized securities.
• The tokens intention to strengthen Hong Kong’s push for real-world asset tokenization.
• Different Chinese language brokers are racing to enter Hong Kong’s crypto market.

HashKey introduced Friday that the brand new daily-yielding, daily-redeemable securities, dubbed “GF Token,” are focused at high-net-worth people and institutional buyers.

The USD model of the tokens will observe the Secured In a single day Financing Fee (SOFR), a key benchmark reflecting in a single day borrowing prices backed by U.S. Treasury securities.

GF Token Set for Launch Quickly on HashKey Chain

Issued on HashKey Chain, the tokens are anticipated to be distributed quickly.

“This milestone signifies a serious step ahead within the metropolis’s real-world asset tokenization journey and lays the groundwork for broader on-chain collaboration inside Hong Kong’s securities business,” HashKey mentioned in its assertion.

Zeng Chao, CEO of GF Securities (Hong Kong), known as the partnership with HashKey a strategic transfer to strengthen the agency’s lead in digital finance.

“This step will additional solidify GF Securities (Hong Kong)’s first-mover benefit in rising digital finance,” he mentioned.

The launch comes a day after the Hong Kong authorities unveiled its newest coverage assertion, outlining plans to speed up real-world asset tokenization and develop the town’s crypto licensing regime.

Paul Chan, Hong Kong’s monetary secretary, mentioned the up to date framework, dubbed Coverage Assertion 2.0, goals to broaden the appliance of tokenization and diversify digital asset use circumstances.

In the meantime, different main Chinese language brokers are additionally transferring quick.

Earlier this week, Guotai Junan Worldwide acquired approval to supply crypto buying and selling in Hong Kong, whereas China Retailers Securities and Huatai Worldwide are reportedly searching for license upgrades to enter the digital asset market.

Bergen County to Tokenize $240B in Property Deeds on Avalanche Blockchain

Bergen County, New Jersey’s largest county by inhabitants, has struck a five-year take care of Balcony to tokenize 370,000 property deeds on the Avalanche blockchain, protecting an estimated $240 billion in actual property.

This marks the largest deed tokenization effort in U.S. historical past and is backed by Avalanche-focused enterprise fund Blizzard.

Dwelling to almost a million residents and producing $500 million yearly in property taxes, Bergen County goals to modernize land report administration and velocity up deed processing by way of blockchain integration.

A report by the World Monetary Markets Affiliation (GFMA) and Boston Consulting Group estimates the worldwide worth of tokenized illiquid property will attain $16 trillion by 2030.

Much more conservative estimates from Citigroup recommend that $4 trillion to $5 trillion price of tokenized digital securities may very well be minted by 2030.

Recognizing this potential, main firms are making vital strikes within the tokenization area.

Goldman Sachs, for example, plans to launch three new tokenization merchandise later this 12 months, pushed by rising consumer curiosity.

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