Key Takeaways
- • Mirae Asset Securities' Hong Kong arm completed an issuance of tokenized six-month floating-rate notes to eligible institutional investors on the Solana public blockchain, announced Wednesday.
- • The US dollar notes were issued in Hong Kong under the firm's $3 billion guaranteed structured note program, with Singapore-regulated Marketnode acting as authorized distributor.
- • The release did not disclose the issuance size, the coupon rate, or the identities of participating investors.
- • The notes were offered by private placement only to eligible professional investors under Hong Kong's Securities and Futures Ordinance and have not been authorized or registered with the Hong Kong SFC.
- • The company says the transaction provides a model it can extend to a broader range of structured products.
Summary
The Hong Kong arm of Mirae Asset Securities said on Wednesday that it had completed an issuance of tokenized six-month floating-rate notes to eligible institutional investors on Solana, expanding the digital distribution of its structured products to a public blockchain. According to the company's announcement, the parent, Mirae Asset Securities Co., is one of the largest securities firms in South Korea.
The US dollar-denominated notes were issued in Hong Kong under the firm's guaranteed structured note program, which has a $3 billion capacity. The Hong Kong firm handles token issuance, payments and lifecycle management for the notes, and eligible institutional investors hold them as tokenized securities on Solana. The company said the transaction gives it a model that can be applied to a broader range of structured products over time.
Marketnode, a Singapore-regulated digital market infrastructure operator, supported the transaction as an authorized distributor. According to the release, Marketnode is backed by Euroclear, HSBC, SGX Group and Temasek. The notes were offered by private placement only to eligible professional investors as defined under Hong Kong's Securities and Futures Ordinance, and the release states they have not been authorized by or registered with the Securities and Futures Commission.
The release did not state the size of the issuance, the rate the notes pay, or the investors that took part. Kelly Sohn, head of digital assets at Mirae Asset Securities, said extending the firm's structured note capabilities into "digitally native channels is a natural progression of our strategic focus on digital assets," adding that the firm is building a foundation to expand its digital product suite for institutional investors in global markets.
Lu Yin, head of Asia-Pacific at the Solana Foundation, said public blockchain infrastructure "becomes meaningful to capital markets when it can support the products and workflows institutions already use." Andrew Scott, head of digital assets at Marketnode, said the next stage of tokenization is about distribution, noting that "financial institutions already know how to manufacture sophisticated investment products" and that the opportunity lies in connecting those products with new institutional investors and channels.
The US dollar-denominated notes were issued in Hong Kong under the firm's guaranteed structured note program, which has a $3 billion capacity. The Hong Kong firm handles token issuance, payments and lifecycle management for the notes, and eligible institutional investors hold them as tokenized securities on Solana. The company said the transaction gives it a model that can be applied to a broader range of structured products over time.
Marketnode, a Singapore-regulated digital market infrastructure operator, supported the transaction as an authorized distributor. According to the release, Marketnode is backed by Euroclear, HSBC, SGX Group and Temasek. The notes were offered by private placement only to eligible professional investors as defined under Hong Kong's Securities and Futures Ordinance, and the release states they have not been authorized by or registered with the Securities and Futures Commission.
The release did not state the size of the issuance, the rate the notes pay, or the investors that took part. Kelly Sohn, head of digital assets at Mirae Asset Securities, said extending the firm's structured note capabilities into "digitally native channels is a natural progression of our strategic focus on digital assets," adding that the firm is building a foundation to expand its digital product suite for institutional investors in global markets.
Lu Yin, head of Asia-Pacific at the Solana Foundation, said public blockchain infrastructure "becomes meaningful to capital markets when it can support the products and workflows institutions already use." Andrew Scott, head of digital assets at Marketnode, said the next stage of tokenization is about distribution, noting that "financial institutions already know how to manufacture sophisticated investment products" and that the opportunity lies in connecting those products with new institutional investors and channels.
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