GF Securities Partners HashKey for GF Token Launch in Hong Kong

GF Securities, a prominent Chinese brokerage, has joined forces with HashKey to introduce a new type of tokenized securities known as "GF Token." These securities are designed to generate daily yields and are redeemable on a daily basis, catering specifically to high-net-worth individuals and institutional investors. The tokens are denominated in US dollars, Hong Kong dollars, and offshore yuan, reflecting a strategic move to enhance Hong Kong’s position as a leading global crypto hub.

The USD version of the GF Token will be linked to the Secured Overnight Financing Rate (SOFR), a critical benchmark that mirrors overnight borrowing costs backed by U.S. Treasury securities. This linkage ensures that the tokens provide a stable and reliable yield for investors. The tokens will be issued on the HashKey Chain and are expected to be distributed soon, marking a significant step forward in the city’s journey towards real-world asset tokenization.

HashKey emphasized that this collaboration is a pivotal moment for Hong Kong’s securities industry, laying the groundwork for broader on-chain collaboration. Zeng Chao, CEO of GF Securities (Hong Kong), described the partnership as a strategic move to strengthen the firm’s leadership in digital finance. He noted that this initiative will further solidify GF Securities (Hong Kong)’s first-mover advantage in the emerging digital finance landscape.

The launch of GF Token comes on the heels of the Hong Kong government’s latest policy statement, which outlines plans to accelerate real-world asset tokenization and expand the city’s crypto licensing regime. The updated framework, known as Policy Statement 2.0, aims to broaden the application of tokenization and diversify digital asset use cases. This move is part of a broader effort to position Hong Kong as a global leader in the digital asset space.

Other major Chinese brokers are also making significant strides in the crypto market. Earlier this week, Guotai Junan International received approval to offer crypto trading in Hong Kong. Additionally, China Merchants Securities and Huatai International are reportedly seeking license upgrades to enter the digital asset market, indicating a growing interest and competition in the region.