HashKey and GF Securities HK collaboration leads to the launch of RMB-denominated, interest-accruing GF Tokens utilizing blockchain technology.
In a significant move towards the tokenization of securities in Hong Kong, GF Securities (Hong Kong) has officially launched the GF Token, the first fully on-chain tokenized security on the HashKey Chain. The GF Token, available in three currencies - USD, HKD, and offshore RMB, accrues interest daily, is redeemable daily, and offers high liquidity, making it a transparent, low-volatility cash management instrument for both high-net-worth and institutional professional investors.
The GF Token, described as "backed by its credit support," serves a role somewhat different from commercial paper or interest-bearing stablecoins. Like commercial paper, it is a credit-backed instrument, but unlike commercial paper, it is a regulated security token. It shares similarities with interest-bearing stablecoins in terms of daily interest accrual and redemption, but it differs in its issuer, regulatory environment, and use case.
GF Securities (Hong Kong), a licensed securities firm, acts as the issuer of the GF Token. It is designed as a low-volatility cash management tool, providing a novel option for investors seeking a compliant, blockchain-native cash management product that compares favorably with traditional commercial paper and offers advantages over typical crypto stablecoins in terms of regulatory compliance and credit backing.
The collaboration between GF Securities (Hong Kong) and HashKey Group to launch the GF Token is a key initiative in building Hong Kong's tokenized securities ecosystem. The timing of the issuance aligns with broader regulatory support for tokenization, with the Hong Kong government outlining its second policy statement on digital assets, with a heavy emphasis on real world asset (RWA) tokenization.
Investors can purchase GF Tokens either via GF Securities or via the HashKey Exchange. The initial issuance in January 2024, for $100 million, was facilitated by ABT Tech, with Linklaters serving as the legal adviser. Notably, the volume of GF Token issuance appears to be open-ended, providing investors with ongoing opportunities to participate in this innovative financial instrument.
GF Securities Group, a major Chinese and Hong Kong securities broker listed on the Hong Kong and Shenzhen stock exchanges, with a market capitalization of over US$16 billion, is behind the GF Token. Mr. Zeng Chao, CEO of GF Securities (Hong Kong), believes this step will further solidify GF Securities (Hong Kong)'s first-mover advantage in emerging digital finance.
In conclusion, the GF Token acts as a regulated, transparent, interest-accruing, and liquid tokenized security on HashKey Chain, providing a novel option for professional investors looking for a compliant, blockchain-native cash management product. Its credit backing and regulatory environment make it a hybrid instrument distinct from typical stablecoins, which may carry more risk and less formal backing. The GF Token aims to be a building block for tokenized financial assets, bridging traditional finance and on-chain assets with end-to-end digital issuance and trading capabilities.
[1] GF Securities Press Release, "GF Securities (Hong Kong) Launches GF Token on HashKey Chain," June 2025. [2] HashKey Group Press Release, "GF Token: A New Era for Tokenized Securities in Hong Kong," June 2025. [3] GF Securities Investor FAQ, "GF Token: Frequently Asked Questions," June 2025.
- The GF Token, issued by GF Securities (Hong Kong) and running on the HashKey Chain, is a regulated, interest-accruing, and liquid tokenized security, offering a novel option for investors seeking a compliant, blockchain-native cash management product.
- As a hybrid instrument, the GF Token shares similarities with commercial paper, interest-bearing stablecoins, and real world asset (RWA) tokenization, while differentiating itself through its regulatory environment, credit backing, and use case.
- In addition to being backed by GF Securities (Hong Kong)'s credit support, the GF Token also benefits from the collaboration between GF Securities (Hong Kong) and HashKey Group in building Hong Kong's tokenized securities ecosystem, aligning with the Hong Kong government's supportive regulatory stance on tokenization.
- The GF Token, available in three currencies - USD, HKD, and offshore RMB - is designed as a low-volatility cash management tool, providing high liquidity and serving as a building block for further tokenized financial assets, bridging traditional finance and on-chain assets with end-to-end digital issuance and trading capabilities.
- With significant assets, insights, and expertise in the finance and technology industry, GF Securities Group aims to leverage the GF Token to further solidify its first-mover advantage in emerging digital finance, contributing to the growth and development of the blockchain and tokenization industry.
