Bloomberg: Guangfa Securities (Hong Kong) launches tokenized securities backed by offshore RMB and interest bearing

According to Bloomberg, a source familiar with the matter revealed that a Chinese securities firm has started offering tokenized securities with interest calculated in currencies such as the US dollar, Hong Kong dollar, and offshore Chinese yuan. The person stated that Guangfa Securities Co., Ltd.'s Hong Kong subsidiary has launched a daily interest bearing, redeemable tokenized security called "GF Token". Among them, the US dollar token is based on the Guaranteed Overnight Financing Rate (SOFR), while the interest rates for Hong Kong dollar and RMB products are not yet clear. The person stated that this token is only available to institutions and professional investors. It can generate interest on short-term idle funds and can also be used for conversion between other tokenized assets. The token will be issued on the chain and traded on Hashkey, a licensed cryptocurrency exchange in Hong Kong. Guangfa Securities (Hong Kong) did not immediately respond to this.