据了解，本次债券在MOX澳交所和深圳证券交易所实现双重上市，创造了"离岸发行、两岸上市"的新 模式，连接了离岸与在岸市场的流动性。 这是全球市场上首单同时实现"公募发行"、"交易所上市"和"RWA数字债券"三大特征结合的金融产品。 不同于传统债券的电子化，该债券自初始即以Token形态存在于区块链上，代表了金融产品的根本性变 革。 在业内人士看来，这一创新金融产品标志着中国企业在区块链技术与传统金融融合领域取得了重大突 破。这一案例为传统资产代币化提供了完整范本，展示了区块链技术在大规模资产证券化中的应用潜 力。由主流券商而非纯区块链企业主导发行，则表明传统金融机构正成为金融科技创新的关键推动力。 亦有观点提及，以人民币计价的RWA债券发行上市，探索出离岸市场的创新路径，有助于进一步增强 人民币资产的全球吸引力。 新华财经北京9月2日电（王菁）新华财经2日获悉，深圳市福田投资控股有限公司（简称"福田投控"） 数字原生企业债券当日在中华（澳门）金融资产交易股份有限公司（简称"MOX澳交所"）成功上市。 本次债券发行规模达人民币5亿元，期限2年，票面利率2.62%。该债券采用前沿的数字原生设计，在以 太坊区块链上 ...

Core Viewpoint - The issuance of stablecoin licenses in Hong Kong has officially begun, with a limited number of licenses expected to be granted, likely to major banks and financial institutions [1][4][5]. Group 1: License Application and Eligibility - The Hong Kong Monetary Authority (HKMA) has set specific criteria for stablecoin issuer license applications, including financial conditions, personnel qualifications, reserve assets, and custody requirements [1][3]. - Major banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be among the first to apply for stablecoin licenses due to regulatory compliance and business needs [1][5]. - The initial phase of license issuance is expected to be cautious, with only a few licenses (possibly 2-3) being granted [4][6]. Group 2: Role of Financial Institutions - Securities firms are likely to focus on trading, custody, financing, and consulting related to stablecoins, rather than applying for stablecoin issuer licenses themselves [2][9]. - A total of 44 financial institutions have upgraded their virtual asset trading licenses, with most being local securities firms [12][13]. - The upgrade of trading licenses is a prerequisite for firms to offer services related to stablecoins and other virtual assets [13][14]. Group 3: Application Scenarios and Market Potential - The application scenarios for stablecoins include digital asset trading, cross-border payments in global trade, and traditional asset tokenization [7][8]. - The use of stablecoins in different regions varies, with financial applications being more prominent in Europe and North America, while B2B trade is expected to be a focus in Asia, Africa, and Latin America [8]. - The potential for stablecoins as a stable medium of exchange and value storage tool in virtual asset trading is highlighted, with firms like Futu Securities reporting increased trading volumes and customer engagement [14]. Group 4: Future Outlook and Risks - The market is keen on the emergence of offshore RMB-denominated stablecoins, with recent developments indicating a growing interest in this area [15][16]. - The commercial model for stablecoins remains unclear, and there are concerns about market speculation and the safety of reserve assets [16].

Core Points - The Hong Kong Stablecoin Regulation officially came into effect on August 1, with the Hong Kong Monetary Authority (HKMA) releasing guidelines for licensed stablecoin issuers [1][2] - Major banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be among the first to apply for stablecoin issuer licenses [1][2] - The initial phase will likely see only a few licenses granted, possibly just 2 to 3, as the HKMA aims to be cautious in its approach [2][3] Group 1: Regulatory Framework - The guidelines set clear application thresholds for issuers, including financial conditions, personnel qualifications, reserve assets, and custody redemption requirements [1][2] - Existing stablecoin issuers must apply for licenses within a three-month transition period, or they will enter a winding-up phase by November 1, 2025 [3] Group 2: Market Participants - Various entities, including state-owned banks, sandbox testing companies, and large internet firms, are eager to apply for stablecoin licenses [4] - The three major note-issuing banks in Hong Kong are crucial players in the stablecoin market, as they are responsible for issuing currency backed by U.S. dollar reserves [2][4] Group 3: Application Scenarios - The application scenarios for stablecoins are critical for license approval, with potential uses including digital asset trading, cross-border payments in global trade, and traditional asset tokenization [4] - Different regions may have varying applications for stablecoins, with Western markets focusing more on financial applications [4] Group 4: Securities Firms' Involvement - 44 financial institutions have upgraded to the first type of securities trading license, with an increase of 3 since the end of June [6] - Securities firms are expected to focus on virtual asset trading, financing, and consulting services related to stablecoins [5][6] Group 5: Future Developments - There is anticipation for the emergence of offshore RMB-backed stablecoins, with recent initiatives like the launch of tokenized funds exploring this possibility [8]