Tokenized Securities Rules Advance as Hong Kong Green Bonds Set Records
RWA Market Cap
$38.55B
Holders 5.02M · +51.6%
Stablecoin Market Cap
$294B
Onchain volume cools
HK Digital Green Bond
HK$20B
World-record digital bond
DTCC Treasuries on Canton
$6T
Canton $350B daily
Hong Kong Prices HK$20bn Digital Green Bond, a World Record with First Tokenised HKD Deposit Settlement
The Hong Kong SAR Government priced around HK$20 billion equivalent of digital green bonds on September 28 and announced them on September 29, again setting a world record for the largest digital bond issue at double the size of the November 2025 deal. The offering spans Hong Kong dollars, renminbi, US dollars and euros, with subscriptions ranging from 1.3 to 11.3 times across all tranches. The standout feature is that the primary issuance settlement for the HKD tranche introduced tokenised deposits through the HKMA’s Ensemble TX pilot, making it the world’s first digital bond to settle in tokenised Hong Kong dollar deposits.
- Four tranches: HK$5.5bn two-year (3.80%), RMB7.5bn five-year (1.65%), US$200m three-year (5.023%), EUR450m four-year (3.734%)
- Settlement supports traditional rails, tokenised central bank money and tokenised deposits simultaneously, validating digital ecosystem interoperability
- Issued on HSBC Orion, cleared via the HKMA’s Central Moneymarkets Unit (CMU) and linked to Euroclear and Clearstream for international investors
- Adopts ICMA Bond Data Taxonomy 2.0, a step toward automating the bond lifecycle
Market Impact
Tokenised deposits enter the sovereign bond primary market, validating programmable settlement for digital money
Policy Signal
Hong Kong keeps leading global digital bonds with real issuance scale, cementing its fintech roadmap
Infrastructure
Ensemble TX bridges tokenised deposits, paving the way toward real-time settlement and programmable money
Source: Catenaa · Linklaters · October 1, 2026
Ondo Finance Expands Intelligent Portfolios to Seven with MAG7Xon, BRAINon and Two Target-Income Products
On October 1, Ondo Finance announced four new Ondo-designed portfolios, expanding Ondo Intelligent Portfolios to seven offerings. The new line-up spans big tech, artificial intelligence and income themes: MAG7Xon pairs the Magnificent 7 with crypto, BRAINon focuses on AI leaders, and YLD5on and YLD8on target 5% and 8% income respectively. Together with the three initial BlackRock-powered portfolios, they give non-US investors onchain access to diversified allocations.
- Each portfolio combines multiple assets in a single onchain token with transparent holdings and pragmatic rebalancing
- All seven are available today to eligible investors on Ethereum and BNB Chain through leading wallets, exchanges and DeFi apps
- The move extends the BlackRock-Ondo model-portfolio tokenisation partnership, bringing more institutional allocation expertise onchain
Product Innovation
From single-asset tokens to themed, income-targeting multi-asset portfolios, onchain asset management mirrors traditional fund formats
Ecosystem Synergy
BlackRock backing plus Ondo issuance accelerates the onchain “fund-of-portfolios” model
Access Boundary
Aimed at non-US qualified investors, onchain issuance continues to sidestep US securities registration
Source: Yonhap · Macau Business · October 1, 2026
SEC Chair Atkins: Agency Will Keep Advancing Tokenized Securities and Onchain Fundraising Rules After CLARITY Setback
After the CLARITY Act stalled in the Senate on September 15 with a 49-50 vote, SEC Chair Paul Atkins said on September 29 that the SEC will keep advancing tokenized securities and onchain fundraising rules under its existing authority. Atkins outlined a two-part path: a joint interpretive release with the CFTC defining which onchain assets are tokenized securities, and an “Innovation Exemption” framework serving as a controlled sandbox for tokenized security issuance and trading, requiring tokens to genuinely represent the underlying security’s rights (including voting and dividends) and distinguishing them from offshore products that offer only synthetic exposure.
- CLARITY (H.R. 3633) needs 60 votes to advance; the September 15 procedural vote failed, leaving market-structure legislation in limbo
- The SEC has proposed an onchain fundraising rule and a five-year conditional exemption for tokenized NMS stock trading venues (TSVs)
- Atkins stressed stablecoin oversight falls mainly under the GENIUS Act rather than the SEC, addressing USDT sanctions concerns
Regulatory Path
A stalled bill does not stop agency action; the SEC pairs interpretive guidance with an exemption sandbox
Rights Boundary
Emphasising real rights over synthetic exposure sets an asset-quality floor for onchain securities
Stablecoin Division
The SEC deferring to the GENIUS Act sharpens a functional, layered US framework
DTCC Brings $6 Trillion of US Treasuries Onto the Canton Network, Scaling Onchain Settlement
The Depository Trust & Clearing Corporation (DTCC) has integrated roughly $6 trillion of US Treasuries held in its custody onto the Canton Network, enabling onchain tokenization and settlement for those assets. Canton currently processes around $350 billion in daily US Treasury activity, with both Broadridge and DTCC using the network for RWA settlement. The move brings one of the largest custodial treasuries pools onto a permissioned settlement layer, a landmark step in migrating institutional settlement infrastructure onchain.
- DTCC custodies roughly $42 trillion in assets; this integration marks a concrete step in its tokenization strategy
- Canton’s $350 billion in daily Treasury activity provides an institutional-grade real-time settlement channel
- Earlier, DTCC made a strategic investment in iCapital to explore DLT and tokenization in private markets
Settlement Infrastructure
Trillion-dollar custody assets move onchain, shifting settlement from pilots to stock migration
Chain Competition
Permissioned networks like Canton run alongside public chains; institutions prioritise compliance and interoperability
Ripple Effect
DTCC’s scale may prompt more custodians to bring treasuries and private assets onchain
Source: Gokhshtein Media · October 2, 2026
Centrifuge Deploys Janus Henderson and New York Life Funds on Arc, Widening Institutional Fixed Income Onchain
Centrifuge deployed three tokenized funds from Janus Henderson and New York Life Investment Management onto Circle’s Arc blockchain on October 1. The three products are JTRSY (short-duration US Treasuries), JAAA (AAA-rated collateralized loan obligations) and HYB (US high-yield corporate bonds), all ERC-4626-compliant with USDC subscriptions. The deployment extends onchain fixed income beyond Treasuries into structured credit and high-yield bonds.
- Arc’s public mainnet opened September 16; the institutional fund deployment followed on October 1
- The three funds span US Treasuries, AAA-rated CLOs and high-yield debt, diversifying Arc’s tokenized assets
- Direct access is restricted to non-US professional investors, reflecting persistent cross-border regulatory friction
- Arc’s onchain TVL has surpassed $300 million since launch, with Aave and Morpho providing active lending infrastructure
Asset Expansion
From Treasuries to CLOs and high-yield debt, onchain fixed income layers become more complete
Composability
The ERC-4626 interface lets funds plug into lending and treasury apps as DeFi building blocks
Risk Note
HYB introduces credit and default risk; using it as collateral warrants careful assessment
Source: CoinPost · The Chain Observer · October 1, 2026
发表回复