China’s Futian Investment Issues First Publicly Listed Digital Bond on Ethereum
China’s Futian Investment launches first $70M RWA bond on Ethereum, merging public blockchain with regulated finance.
In a landmark move blending finance and innovation, Futian Investment Holding, a state-owned enterprise in Shenzhen, has launched the world’s first publicly listed real-world asset (RWA) digital bond on Ethereum. Valued at 500 million yuan (approx. $70.1 million), the bond features a two-year maturity and a 2.62% annual interest rate.
The issuance has been listed on both the Shenzhen and Macau markets, marking the first instance where tokenized bonds on a public blockchain gain acceptance in traditional exchanges. Unlike past offerings sold via private placements in Hong Kong, this public offering opens opportunities for broader investor participation. It also signifies progress in merging regulated capital markets with blockchain-based infrastructure.
Futian emphasized that the bond will diversify its financing channels, optimize its capital structure, and take advantage of Hong Kong’s supportive digital finance policies. The issuance was powered by Hong Kong start-up NVT, which provided full-stack technology. NVT’s CEO Jay Zhao highlighted the milestone, noting that tokenization is moving "beyond the exploratory stage" and aiming for broader adoption, effectively bridging conventional capital markets with on-chain systems.
However, China continues its cautious stance. Its ban on cryptocurrency trading and mining remains, citing energy concerns and financial stability risks. This issuance doesn’t signal a reversal—rather, a selective integration of blockchain into regulated finance. It follows recent regulatory developments in Hong Kong, including a stablecoin framework that attracted interest from over 70 institutions, spanning banks, fintech firms, and Web3 companies.
At the Hong Kong CryptoFi Forum, Binance founder Changpeng Zhao stressed that the blockchain ecosystem is still overwhelmingly dollar-denominated, with minimal representation for RMB or euro. He warned that exchanges like the Hong Kong Stock Exchange could lose relevance without embracing RWA tokenization, while urging other Asian markets to make strategic moves.
China’s experiment in issuing a public blockchain-based bond thus reflects a hybrid strategy: cautiously innovative, tightly regulated, and geopolitically aware. Whether this approach can balance progress with control—and help China lead in digital bond issuance—will be closely watched.
