China’s Futian Investment Makes Waves with $70M Ethereum Tokenized Bond - First Public RWA Offering Breaks New Ground

Traditional finance meets blockchain revolution as China's Futian Investment deploys $70 million worth of tokenized bonds directly on Ethereum.

The RWA Breakthrough

This isn't just another crypto experiment—it's real-world assets hitting the public blockchain. No intermediaries, no traditional settlement delays. The offering cuts through legacy financial infrastructure like a hot knife through butter.

Global Implications

While Wall Street still debates blockchain adoption, Chinese firms are executing. The $70 million placement signals institutional confidence in Ethereum's capacity for serious financial instruments—proving decentralized networks can handle traditional finance's heavyweight requirements.

Market Reaction

Expect copycats. When one firm successfully bypasses traditional issuance channels, others follow. The tokenization race just accelerated—because why wait three days for settlement when you can do it in three minutes?

Of course, traditional bankers will call it reckless until they launch their own tokenized products—then suddenly it'll be 'financial innovation.' Some things never change.

China opens up to a public blockchain

The deal made on the Ethereum blockchain has been listed on both the Shenzhen and Macau markets. This is the first time that tokenized securities based on a public blockchain have been allowed on traditional exchanges.

Most times, tokenized bonds in Hong Kong have been sold through private placements. By making it a public offering, the issue makes it possible for more investors to get involved. It also shows how to add blockchain technology to regulated capital markets.

NVT, a Hong Kong start-up, provided the end-to-end technology for the issuance. “Tokenization is gradually moving beyond the exploratory stage and entering a phase of larger scale and deeper practice,” said Jay Zhao, founder and CEO of NVT. “The significance of this public bond issuance lies not only in enabling broader investor participation, but also in truly bridging traditional capital markets with on-chain infrastructure.”

China is still playing safe 

The RWA bond is a traditional financial instrument now available on the blockchain. To that end, this initiative does not constitute China’s broader embrace of digital assets.

China banned all crypto transactions and mining. The main reason for the ban was its effects on energy demand and concerns that crypto might destabilize the financial system.

However, the country continues to allow specific use cases for crypto and blockchain technology. Most recently, China, like many other countries, has grown concerned about the growing popularity of stablecoins. 

The issue of tokenized bonds comes after the Hong Kong Monetary Authority (HKMA) introduced a new digital finance age with its stablecoin regulation last month. The city now finds a balance between innovation and oversight after a time of speculation.

According to HKMA, 77 organizations had shown interest in applying for stablecoin licenses as of August 31. These organizations included banks, tech companies, financial firms, asset managers, e-commerce companies, payment providers, start-ups, and Web3 businesses.

The HKMA also made it clear that showing interest does not mean approval and that only a few licenses will be given out at first. It also advised people to be on the lookout for unlicensed stablecoin promotions. 

RMB is absent in the present blockchain, Binance’s CZ

Dollar-denominated stablecoins currently dominate the market and could have negative effects on other currencies.

CZ in Hong Kong: In-Depth Views on Stablecoins, RWA, DAT, AI, and Other Hot Sectors

At the Hong Kong CryptoFi Forum, Binance founder CZ shared insights on stablecoins as tools for USD globalization, the regulatory and liquidity hurdles of RWA tokenization, and the long-term rise… pic.twitter.com/r41KEn8AR3

— Wu Blockchain (@WuBlockchain) September 1, 2025

At the Hong Kong CryptoFi Forum, Changpeng Zhao (CZ), founder of Binance, said, “In today’s blockchain ecosystem, almost everything is USD-denominated; the euro and RMB are essentially absent. As the world’s largest equity market, the US could use blockchain to attract global investors to US stocks, which WOULD be hugely beneficial.”

According to him, the Hong Kong Stock Exchange, which is important worldwide, could lose power if it doesn’t get involved in this wave. The Shanghai Stock Exchange and other Asian stock exchanges must make strategic decisions.

However, he said, “Although RWA tokenization has vast market potential, implementation is far harder than the market expects.”

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