HSBC, the world's leading financial group, has pioneered the provision of tokenized gold to individual investors in Hong Kong. This is the first product in the retail market built on a blockchain platform with the purpose of holding real assets. The move is in response to growing demand for digital assets and HSBC customers' familiarity with traditional gold investment products.
The HSBC Tokenized Gold Coin, powered by the bank's HSBC Orion platform, is the first retail product in Hong Kong based on distributed ledger technology, as authorized by the Securities and Exchange Commission. Securities and Futures, allowing customers to easily access through HSBC Online Banking and HSBC HK Mobile application.
The application of blockchain technology to tokenize assets is increasingly popular with banks and financial institutions, including both private blockchains and public networks such as Ethereum. In November last year, HSBC revealed plans to offer tokenized gold as part of the bank's new digital asset custody platform, developed in partnership with hedging specialist Metaco. Cryptocurrency cryptocurrency based in Switzerland.
Ms. Maggie Ng, General Manager of Payment Customers and Wealth Management, HSBC Hong Kong (Photo: SCMP Handout)
Ms. Maggie Ng, Head of Payments and Wealth Management Clients, HSBC Hong Kong, said: “We are seeing increasing demand for digital assets and the inherent familiarity of our customers. with gold investment products.”
According to CoinGecko, the total value of tokenized gold globally has surpassed 1 billion USD as of now (March 29, 2024). Among them, Tether is the largest token issuer with a market capitalization of over 500 million USD. Paxos Trust comes in second place with nearly $400 million.