A Chinese bank has teamed up with UBS Group to issue tokenized notes on the Ethereum blockchain, UBS Group has announced. June 12.
Aurélien Trendl, Global Head of MTN Trading at UBS AG, said:
“We are pleased to work with BOCI on this transaction to bring structured products to the public blockchain network and support APAC.” [Asia-Pacific] Customer interest in fully regulated digital asset products is growing. “
BOC International Holdings Limited (BOCI), a wholly owned subsidiary of Bank of China, issued the notes in question.
In particular, BOCI has issued RMB 200 million ($28 million) worth of offshore RMB ($28 million) worth of fully digital structured bonds on the Ethereum blockchain. The financial product was originated by UBS and offered to clients in the Asia-Pacific region and represents a joint effort between UBS and BOCI.
UBS previously said it had issued a $50 million tokenized fixed rate bond on a licensed blockchain in December 2022 under British and Swiss law.
UBS said these are the first products of their kind and represent “a new step in terms of applicable laws and types of blockchains.” The Ethereum banknote is the first time a Chinese bank has issued tokenized securities in Hong Kong, according to the paper.
The Post, a Bank of China subsidiary issuing banknotes tokenized on Ethereum, first appeared on CryptoSlate.
