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Hong Kong's tokenization scale surpasses HKD 10.7 billion: Can the opening of the secondary market ignite a new era for digital assets?‌‌‌‌‌‌

Hong Kong's tokenization scale exceeds HKD 10.7 billion. As of March 2026, the total assets managed by 13 tokenized products soared to approximately HKD 10.7 billion, a sevenfold increase in one year. On April 20, the Hong Kong Securities and Futures Commission (SFC) relaxed the trading of tokenized investment products in the secondary market, making round-the-clock buying and selling a reality. From bonds and funds to precious metals, from primary subscriptions to secondary market opening, Hong Kong is exploring the answers to a new era of digital assets with the most comprehensive compliant framework in the world. Can the secondary market truly unleash liquidity?

From primary subscriptions to 24/7 trading: A decentralization of financial power

In response to the SFC's relaxation of secondary market trading for tokenized investment products, our view is: opening the secondary market transforms tokenization from an exclusive game for the wealthy into a battlefield for the general public.

Under the old framework, tokenized products only had primary subscriptions, meaning you could buy but not sell. Want to sell? No way. Liquidity was locked.

But the emergence of the new framework is decisive.

The new guidelines clearly state that tokenized mutual funds approved by the SFC can be traded in the secondary market on licensed virtual asset trading platforms, with plans to provide round-the-clock liquidity through regulated stablecoins and tokenized deposits. The first batch of products mainly includes tokenized money market funds. If the experience is good, the scope will gradually expand to all approved authorized funds.

This is like a bridge, one side is the trillion-dollar traditional assets, and the other is the 24/7 Web3 world. Hong Kong is laying the bricks.

Three key signals: infrastructure, asset diversification, stablecoin licenses

Hong Kong's SFC is advancing from three directions simultaneously as it opens up secondary market trading for tokenized investment products:

Bond tokenization, becoming routine

In November 2025, Hong Kong issued its third batch of tokenized green bonds, totaling HKD 10 billion, making it the largest digital bond in the world. The four currencies had a total subscription amount exceeding HKD 130 billion. In April 2026, Hong Kong Mortgage Corporation plans to issue its first digital bond, with a scale between HKD 10 billion and HKD 12 billion. If the upper limit is reached, it will set a new global record.

Asset types, blooming across the board

On April 17, 2026, OSL Group officially launched gold RWA tokens and silver tokens, becoming Hong Kong’s first compliant digital asset platform to offer both precious metal tokenization products simultaneously. Physical gold stored in vaults transitioned to on-chain wallets in just one week.

Stablecoin licenses, 36 applications, 2 approvals

On April 10, the Hong Kong Monetary Authority (HKMA) granted the first two stablecoin issuer licenses to GatePoint Financial Technology and HSBC. Out of 36 applications, only 2 were approved, illustrating the high threshold. HSBC plans to launch a HKD stablecoin in the second half of 2026, seamlessly integrating with PayMe and HSBC Hong Kong App.

Hong Kong is defining the standards for Tokenization 2.0

In 2026, Hong Kong is doing something no other financial center dares to try: using the most conservative regulation to package the most aggressive technology.

HKD 10.7 billion is the critical point where quantitative change becomes qualitative. Hong Kong is not copying any country's template; it is neither following the U.S. path of "wild growth first, then regulation" nor the conservative route of Singapore's "strict regulation suppressing innovation." It has chosen a middle path—prioritizing compliance, opening the secondary market simultaneously, strictly controlling the number of stablecoin licenses, and experimenting with three technological paths: central bank digital currencies, tokenized deposits, and compliant stablecoins.

The opening of the secondary market will not instantly trigger a new era for digital assets, because liquidity needs time to accumulate, investor education needs time to permeate, and product supply needs time to expand. But it will definitely become that watershed moment.

Before this, tokenization was an experiment among institutions; after this, it will be a new asset class accessible to everyone. Hong Kong’s goal is not to create a "crypto bull market," but to build a permanent bridge from traditional finance to digital finance. And that bridge is now closing.