September 03, 2025
By Anjali Kochhar
A major milestone is here: a Chinese state-owned enterprise has issued the world’s first publicly offered RWA (Real-World Asset) bond on Ethereum, marking a historic leap in how traditional finance can merge with blockchain innovation.
The issuer, Shenzhen Futian Investment Holdings, raised 500 million yuan (around $69 million) through this offshore bond, denominated in RMB. The issuance was structured with a two-year term and carries a 2.62 percent coupon, offering steady returns for investors. A- rating from Fitch underscores its credit reliability.
What makes the issuance unique is its format: the bond, issued as FTID TOKEN 001, lives entirely on the Ethereum blockchain. Registered and managed via smart contracts, the token enables transparent and auditable ownership. Unlike private placements, this public offering granted wider access, shifting access from niche circles to a broader investor base.
Futian’s bond is now listed on traditional exchanges in Shenzhen and Macau, bridging the gap between blockchain assets and regulated markets. Investors can now buy and trade a tokenized real-world asset through conventional financial venues a first globally.
The issuance signals more than innovation it highlights opportunity for mainland Chinese entities. With public crypto trading still banned in China, this move leverages Hong Kong’s more open regulatory framework to pilot blockchain-based fundraising. It aligns with broader ambitions to modernise capital structures and diversify financing routes.
Market watchers view this as China’s entry point into tokenized financial products. The transaction was underwritten by major players including GF Securities, CMB International and others, signaling institutional confidence.
Blockchain experts emphasise that posting bonds on a public ledger like Ethereum promotes efficiency, transparency and lower settlement friction. Recording issuance, transfers and maturity on-chain removes intermediaries and delays.
The Futian issuance may inspire other state-run firms to reevaluate tokenisation. As global finance increasingly explores on-chain issuance, tokenized debt could become a mainstream capital-raising tool, not just a niche experiment.
This bold step cements Hong Kong’s role as a strategic innovation hub. It demonstrates how traditional institutions can harness Web3 tools without breaking the rules. The industry’s eyes are now on Ethereum as the backbone of a new era in financing, where real-world assets and blockchain converge.
About the author
Anjali Kochhar covers cryptocurrency and blockchain stories in India as well as globally. Having been in the field of media and journalism for over four years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
