28th September 2026
By Shubhii Verma
Hong Kong is preparing a multi-currency digital green bond worth HK$15 billion to HK$20 billion ($1.9 billion-$2.6 billion), which could become the world’s largest digital bond transaction if completed.
Hong Kong Targets Up to $2.6 Billion in Digital Green Bonds
According to a Bloomberg report citing people familiar with the matter, the proposed bond will be issued in four currencies: US dollars, Hong Kong dollars, euros and offshore yuan. Hong Kong officials are meeting investors this week, with pricing potentially set as early as next Monday. The Hong Kong government has not officially confirmed the transaction, while an HKMA spokesperson declined to comment.
Digital bonds use blockchain technology to support issuance, trading and settlement. Hong Kong has positioned the technology as part of its broader strategy to combine digital assets with traditional capital markets and strengthen its role as a major Asian bond hub.
The planned issuance would surpass the HK$12 billion digital bond issued by the Hong Kong Mortgage Corporation in June 2026, which became the world’s largest at the time.
How Hong Kong Built Its Digital Bond Market
Hong Kong entered the digital bond market in February 2023 with an HK$800 million tokenised green bond, the first government-issued tokenised green bond globally. The government’s November 2025 issuance, worth approximately HK$10 billion, was the first to use tokenised central bank digital currency in Hong Kong dollars and yuan for settlement. It attracted about HK$130 billion in subscriptions. The Hong Kong Mortgage Corporation’s June 2026 transaction subsequently reduced settlement time from five business days to three.
Hong Kong Pushes Blockchain-Based Bond Settlement
Government data indicates that digital bonds issued in Hong Kong from 2025 through the first half of 2026 represented around half of global digital bond issuance. Chief Executive John Lee has supported making digital bond issuance a regular practice, including exploring digital-currency settlement and blockchain-based interest payments and redemptions.
HKMA Expands Tokenisation and Digital Asset Infrastructure
Hong Kong Monetary Authority Chief Executive Eddie Yue said on September 23 that Hong Kong had become a global hub for tokenised bond issuance. The HKMA plans to support regular government digital bonds while developing a digital asset platform through the Central Moneymarkets Unit by the end of 2026.
The HKMA also plans to explore connections between tokenised deposits and regulated stablecoins, alongside experiments involving tokenised Exchange Fund bills.
Digital bond activity is expanding elsewhere in Asia. India recently issued its first tokenised corporate bond, while Japan is testing blockchain-based management of government bond collateral. Taiwan has also identified bonds and gold as priorities for real-world asset tokenisation.
Hong Kong’s proposed transaction highlights the accelerating adoption of blockchain-based infrastructure across Asian bond markets regionally.
