Hong Kong is promoting the issuance of multi-currency digital bonds for the third time in a bid to become a global hub for digital assets. According to what Bloomberg reported on Monday, these bonds will be denominated in US dollars, Hong Kong dollars, euros and offshore Chinese yuan, and according to sources familiar with the matter, the deal could be priced as soon as possible on Monday.
Digital bonds are a type of securities issued and managed using blockchain technology. This technology allows details of the bond and its ownership to be recorded securely and transparently on a distributed digital ledger that ensures security and transparency. Therefore, these multi-currency bonds will be issued either on a public blockchain such as the Ethereum blockchain or on distributed ledgers (DLT) provided by companies such as HSBC Holdings and Goldman Sachs.
Hong Kong markets a new set of “digitally native” bonds denominated in multiple currencies, intensifying the city’s drive to become a global hub for digital assets https://t.co/uZjZ8bDhUh
– Bloomberg (@business) November 10, 2025
Digital bonds gain momentum in Hong Kong
The move represents an expansion of the digitally represented bond framework that Hong Kong unveiled in 2024. In 2023, the Hong Kong Monetary Authority (HKMA) launched its second digitally represented green bond in 2023 with the aim of leveraging blockchain technology to bring transparency to the redemption process.
At the same time, Hong Kong ranked first in Asia in international bond issuance, accounting for nearly 30% of the total issuance on the mainland, maintaining its first place for nine consecutive years. The announcement comes days after Franklin Templeton launched Hong Kong’s first digitally represented money market fund, a fund that uses blockchain technology to increase transaction efficiency and improve transparency, and which will initially be available to institutional investors.
Additionally, companies operating in Hong Kong have issued at least six digital securities. According to a Bloomberg report, these securities have raised $1 billion so far, including four issuances this year.
In this context, Rain Yin, director of the ratings department at S&P Global Ratings, said that the institution assigned the proposed digital securities an AA+ credit rating. Yin explained: “Risks are mitigated with a plan that ultimately requires documents to be transferred to traditional systems in the event of a technical failure.“.
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