Mirae Asset Securities (HK) Limited has completed a tokenized funding-note issuance on the Solana blockchain, marking another step for traditional financial institutions using public blockchain infrastructure for securities distribution. The six-month, U.S. dollar-denominated floating-rate notes were issued in Hong Kong under Mirae’s $3 billion Guaranteed Structured Note Programme, with Singapore-regulated market infrastructure operator Marketnode acting as authorized distributor.
The private placement was limited to eligible professional investors as defined under Hong Kong’s Securities and Futures Ordinance and was neither authorized nor registered with the Securities and Futures Commission. Mirae managed token issuance, payments and lifecycle administration through its own digital infrastructure, while Marketnode supported distribution to eligible investors rather than serving as issuer. The Solana Foundation also supported the transaction, announced on October 28.
Neither the individual issuance size, coupon rate, reference benchmark, token standard, nor arrangements for secondary-market trading were disclosed. The $3 billion figure represents the programme’s overall ceiling, not the amount raised through this transaction. The notes remain subject to the same investor eligibility, contractual and regulatory restrictions as conventional privately placed securities, and blockchain representation does not automatically make them freely transferable or liquid.
The transaction follows other institutional experiments with blockchain-based securities distribution, including HSBC’s blockchain-based structured-product issuance in Hong Kong, which also used Marketnode infrastructure. It fits a broader strategy by Mirae Asset Financial Group to connect its established financial businesses with digital assets. The group’s digital-asset expansion has included a controlling stake in South Korean cryptocurrency exchange Korbit, subsequently rebranded as Digital X. However, Mirae said the Hong Kong note issuance could provide a model for extending its structured-note programme to a broader range of products, though no additional products, launch dates or transaction sizes for future issuances were identified.
For institutional investors, potential benefits depend on how well tokenization integrates issuance, payment processing, recordkeeping and redemption. The commercial test will be whether tokenized notes attract repeat institutional demand and improve distribution or servicing costs. This issuance establishes a use case, not yet a proven market at scale.
