Mirae Asset Issues Dollar Digital Bonds

A South Korean financial company has succeeded in issuing digital bonds overseas using only its own system, without help from external technology. Mirae Asset Securities’ Hong Kong subsidiary said on Oct. 28 that it had issued U.S. dollar-denominated digital bonds in Hong Kong using its self-developed tokenization system. The key point is that the company has gone a step beyond its digital bond issuance in January, which relied on external technology, by completing the entire process with its own capabilities, from product planning to issuance, settlement, and post-issuance management. The bonds issued this time total $12.5 million and are a U.S. dollar floating-rate product with a maturity of six months. As the technical foundation, the company simultaneously used the Solana and Ethereum public blockchain networks. This marks the first case in which an overseas subsidiary of a South Korean financial company has managed the full cycle of digital asset issuance based on its own technological capabilities. Unlike conventional paper bonds or electronic records, digital bonds embody rights to the bonds as digital tokens on a blockchain. All transaction records are transparently recorded on the blockchain and can be checked in real time, while smart contract technology can automate interest payments and principal redemption at maturity. This is seen as a factor that can dramatically improve the efficiency of settlement and management work for financial companies. Mirae Asset Securities’ Hong Kong subsidiary said the issuance is meaningful not simply as a product launch, but as proof that its proprietary technology and operational capabilities have been validated in the global market. Using the technological assets and network it has accumulated so far, the company plans to gradually expand the scope of tokenized products in the future.