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ChinaAMC (HK), the Hong Kong arm of Chinese fund house China Asset Management, launched the world’s first yuan-denominated tokenised fund on Thursday, aligning with the city’s regulatory framework for stablecoins, which is expected to stimulate demand for digital assets.
“Our tokenised financial products are designed to welcome the arrival of stablecoins,” said Tian Gan, CEO of ChinaAMC (HK), in a briefing. “If the policy can truly be implemented, I believe we will be the first financial instrument capable of carrying interest-bearing assets linked to stablecoins.”
As stablecoins are not an investment instruments and do not generate interest, Gan said his firm’s financial products would help address this issue and support holders in deploying stablecoins.
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“We believe that such products, when combined with stablecoins and the digital yuan, will promote financial innovation and support the internationalisation of the yuan,” said Matthew Chan, the head of product and investment solutions at Citic Securities Brokerage (HK), a distributor of ChinaAMC’s tokenised funds.
Gan said offshore yuan liquidity in Hong Kong could increase fivefold to 5 trillion yuan (US$696 billion) in five years, suggesting that once offshore yuan stablecoins emerge, tokenised funds in the Chinese currency were likely to become popular.
