Hang Seng debuts gold ETF with Ethereum-based tokenized units
Hang Seng Investment launched a physically backed gold ETF on the HKEX, featuring tokenized units issued on Ethereum.Summary
Hong Kong asset manager Hang Seng Investment has introduced a new physically backed gold exchange-traded fund (ETF) on the Hong Kong Stock Exchange (ticker: 03170), which tracks the LBMA Gold Price AM and holds bullion stored in Hong Kong vaults. Uniquely, this fund includes a tokenized share class initially issued on the Ethereum blockchain, with potential expansion to other public blockchains, where HSBC acts as the tokenization agent. Despite being blockchain-based, these tokenized units are not freely tradable on secondary markets; investors must subscribe or redeem them exclusively through qualified distributors, and they are not yet open for subscription pending approvals. This launch aligns with Hong Kong's push to become a regulated crypto asset hub by encouraging integrations between traditional finance and blockchain technology.
(Source：The Block)