Bloomberg: Guangfa Securities (Hong Kong) Launches Offshore Renminbi-backed Interest-bearing Tokenized Security

BlockBeats News, June 27th, according to Bloomberg, citing people familiar with the matter, the Hong Kong subsidiary of Guangfa Securities Co., Ltd. started offering tokenized securities with interest calculated in currencies such as USD, HKD, and offshore RMB. The source stated that the company's daily accruing, daily redeemable tokenized security is called the 'GF Token.' The USD token is benchmarked against the Secured Overnight Financing Rate (SOFR), while the rates for the HKD and RMB products are not yet clear.

The source said that this token is only available to institutions and professional investors, allowing short-term idle funds to earn interest and facilitating conversion between other tokenized assets. The token is issued on-chain and will be traded on the licensed Hong Kong cryptocurrency exchange Hashkey. Guangfa Securities (Hong Kong) did not immediately respond to this.