China has taken another step into blockchain-based financing, but in a way that avoids direct participation in cryptocurrencies.
A state-owned company in Shenzhen has launched a digital bond offer for Ethereum, which shows how the country selectively accepts new technologies and at the same time captures its hard attitude towards the crypto trade.
First state-supported RWA bond on Ethereum
According to August 29, Futian Investment Holding reported a 500 million Yuan edition of offshore bonds.
The bonds of almost 70 million US dollars were introduced in Hong Kong and listed in the Ethereum blockchain. You have an annual interest rate of 2.62% and will expire in two years.
The company described the deal as part of the efforts to expand its sources of financing, and at the same time reacted to the growing use of real assets and tokenization in global markets.
It also pointed out the supporting guidelines of Hong Kong as a factor for the decision and said that the bond corresponds to the advance of the district of attracting digital asset innovation.
Futian Investment Holding announces the edition of the world’s first public RWA digital bond in a public blockchain pic.twitter.com/e2sgijzdwl
– uzx official (@uzx_official) September 2, 2025
Crypto still completed at home
The move does not mean that China has alleviated its ban on crypto or Ethereum. Already in 2021 Beijing imposed a comprehensive ban on crypto mining and trade.
At that time, civil servants said that the measures were necessary to control energy consumption and to protect themselves from risks that could destabilize the country’s financial system.
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This ban remains in force today. Normal citizens and companies on the Chinese mainland are still blocked by the use or trade in cryptocurrencies.
However, what is permitted, however, are limited experiments such as tokenized ties that remain within the limits of traditional financing.
Hong Kong as a test site
By passing the deal forward through Hong Kong, he can keep his domestic ban intact and at the same time signal that it wants to expose itself to blockchain -based funds.
The busy metro has received more space for projects for digital assets, and this latest bond fits into this role.
China’s strategy describes a clear division: Blockchain as a fund is accepted in regulated manifestations, while Crypto still does not initiate as an unrestricted market estate.
Stable coins, especially from the dollars, have also checked in Beijing, and officials feared that they can undermine other currencies that are based worldwide.
According to reports, this RWA bond can be the first in a number of state-supported blockchain and Ethereum finance products that are bound to Hong Kong.
Currently, the China’s issue is shown to explore blockchain carefully without reopening the door to Bitcoin, stable coins or a wider crypto adoption.
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