Hong Kong’s regulators have set out 10 measures to boost bond issuance, deepen the yuan market and advance tokenized assets. The plan combines a third batch of tokenized green bonds with a new Stablecoin licensing regime, demonstrating how the city wants to pin its role in digital finance.
Roadmap with four pillars
Hong Kong’s Securities and Futures Commission (SFC) and the Financial Authorities (HKMA) have released a roadmap for bond and money markets. The framework rests on four pillars – expanding issuance, strengthening secondary market liquidity, expanding offshore yuan capacity, and building next-generation infrastructure.
Since 2019, Hong Kong has already issued $386 billion worth of multi-currency bonds, indicating that regulators are ready to lead in state-backed supply. Its foundation is intended to attract follow-on companies and facilities papers.
Tokenized Bonds and CBDC Integration
Tokenization is not the theory here. The previous issue raised US$100 million in 2023 and US$750 million in 2024. Currently, a third batch is in the pipeline, with plans to test payments on both the asset and the fundraiser side.
Related: Hong Kong supports the 2025 commercial bank tokenization initiative
It links directly with HKMA’s E-HKD+ and Project Ensemble Pilot, and has tried wholesale CBDCs for tokenized sediments and cross-border payments.
Infrastructure and Stablecoin license
The roadmap is also folded into an already moving infrastructure. Hkex launched Bitcoin and Ethereum digital asset indexes and provided benchmarks during Asian trading hours.
On the regulatory side, the stubcoin licensing system was implemented on August 1st, and under the supervision of HKMA, stubcoin was issued with Fiat-backed support. Authorities say they are weighing tax credits, including stamp exemptions for tokenized ETFs, to reduce admission costs.
For traders, their sovereign supply deepens the bond curve, with tokenized bonds sitting side by side with CBDC rails, and stubrecoin falling under direct regulatory oversight.
Related: Bank of Korea prepares for a three-month “Hangan” CBDC trial with 100,000 consumers
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