Mirae Asset Securities’ Hong Kong unit has completed a tokenized bond issuance on the Solana blockchain.
The security is a six-month U.S. dollar floating-rate note placed privately with professional investors. The deal was announced on October 28 and sits under a guaranteed structured note program with a total capacity of $3 billion.
The $3 billion figure is the program ceiling, not the size of this particular issue, which was not disclosed. The issuer is Mirae Asset Securities Financial Products, with the Hong Kong arm providing the guarantee.
For institutional investors, the main difference is how the bond is held. It can be held as a token on Solana for the life of the note, and transfers are recorded on-chain. Issuance, payments, and ongoing management, however, are handled on the Hong Kong unit’s own digital infrastructure.
Marketnode, a Singapore-based digital market infrastructure company, acted as the sole placing agent, and the Solana Foundation supported the transaction. The bond has not received authorization or registration from Hong Kong’s Securities and Futures Commission, so it remains unavailable to retail investors and is restricted to professional investors under the Securities and Futures Ordinance.
A day earlier, on October 27, the Hong Kong unit said that Grvt, a digital asset trading platform, had acquired tokenized bonds arranged by the broker. That announcement did not specify the blockchain, so it is not confirmed whether the Grvt purchase and the Solana issuance are the same transaction. Both firms said they plan to look at tokenizing government bonds, corporate bonds and exchange-traded funds.
For token holders, the difference from a conventional placement lies in transfer and record-keeping. An eligible institution can hold the claim on-chain and transfer it, while servicing continues to run on the broker’s systems rather than through smart contracts. This keeps the bond within the broker’s operational framework even though the asset record lives on a public chain.
The issuance comes as tokenized real-world assets on Solana reached a record $5.19 billion on October 29, one day after the Mirae Asset announcement. At the same time, Solana ETFs saw a net outflow of $24.82 million over two days. Institutional adoption news does not necessarily offset fund outflows. The real test will be whether tokenized settlement translates into on-chain activity rather than remaining a headline.
The Hong Kong unit presents the deal as a model for bringing a wider range of structured products onto a blockchain. For now, the approach remains limited to institutional, private and unregistered placements.
Solana co-founder Anatoly Yakovenko has previously argued that firms blocking tokenized stocks should go private. Mirae Asset’s move shows the other side of that market: issuers are beginning to bring financial products on-chain.
