Table of Contents
Researcher
\[ASA News] is a bi-weekly newsletter where we share the most important news related to stablecoin in Asia. (2026.02.02~02.15)*
Written by Moyed
1. [News] $70M Dual-Currency Issuance on HSBC's Orion Platform
Source: Mirae Asset becomes Korea's 1st financial firm to issue digital bonds
Mirae Asset Securities has become the first financial company in Korea to issue digital bonds. The issuance totaled 100 billion won (approximately $70.1 million), raised through a simultaneous dual-currency offering of $30 million and HK$325 million (approximately $41.65 million). Mirae Asset described the transaction as "more than a simple fundraising exercise," positioning it as part of its "Mirae Asset 3.0" strategy aimed at building an advanced digital financial ecosystem encompassing both traditional and digital assets.
The issuance utilized HSBC's proprietary tokenization platform Orion, which is linked to the Central Moneymarkets Unit (CMU), the official bond settlement infrastructure of the Hong Kong Monetary Authority (HKMA). The platform employs the same blockchain technology used for the Hong Kong government's digital green bonds. HSBC served as lead manager, with Mirae Asset Securities' Hong Kong subsidiary acting as co-manager. The dual-currency structure eliminated foreign exchange costs and settlement delays, a step widely seen as improving the capital efficiency achievable by Korean financial institutions.
2. [Commentary] Korean Securities Firms' Digital Asset Push: From Exploration to Execution
2.1 Moyed (ASA Contributor, Delta Network)
Mirae Asset's digital bond issuance marks a milestone showing that Korean financial institutions' tokenization experiments have moved beyond proof-of-concept to actual capital market transactions. Notably, the choice of HSBC's Orion as the issuance infrastructure is significant. Orion is an institutional-grade tokenization platform directly integrated with HKMA's CMU, proven through Hong Kong government green bonds and World Bank bonds. A Korean financial firm directly utilizing a globally recognized tokenized settlement system signals that the domestic market's technical readiness has reached global standards.
Mirae Asset's ambitions don't stop here. Recent reports indicate the firm has completed development of a proprietary crypto wallet capable of storing and managing cryptocurrencies, stablecoins, and tokenized assets, and is now reviewing specific use cases. Chairman Park Hyun-joo has stated the objective is to "digitally tokenize all of the group's investment assets, spanning traditional assets, alternative assets, and cryptocurrencies, to build a digital asset investment network." The fact that two paths are being explored, integration with existing HTS/MTS trading systems versus building a dedicated digital asset platform, reveals that Mirae Asset views tokenization not as an add-on to existing business but as a new strategic pillar.
This is not an isolated effort. Digital asset strategies are accelerating across Korea's entire securities industry. Shinhan Investment Corp. has partnered with Etherfuse to support tokenized distribution of Korean government bonds. NH Investment & Securities is pursuing a KRW stablecoin and digital tax refund PoC with Fireblocks. KB Securities has launched development of a blockchain-based STO platform, and Korea Investment & Securities has established a dedicated digital asset team. Considering that Korea's six major financial groups are in discussions to establish a special purpose company for KRW stablecoin issuance, the digital transformation of Korea's capital markets should be viewed as a structural industry-wide shift.
The author of this report may have personal holdings or financial interests in assets or tokens discussed herein. However, the author affirms that no transactions have conducted using material non-public information obtained in the course of research or drafting. This report is intended solely for general information purposes and does not constitute legal, business, investment, or tax advice. It should not be used as a basis for making any investment decisions or as guidance for accounting, legal, or tax matters. Any references to specific assets or securities are made for informational purposes only and should not be construed as an offer, solicitation, or recommendation to invest. The opinions expressed herein are those of the author and may not reflect the views of any affiliated institutions, organizations, or individuals. The opinions and analyses expressed herein are subject to change without prior notice. In addition, beyond the individual disclosures included in each report, Four Pillars, may hold existing or prospective investments in some of the assets or protocols discussed herein. Furthermore, FP Validated, a division of Four Pillars, may already be operating as a node in certain networks or protocols discussed herein or may do so in the future. Please see here for FP Validated’s participating network disclosures and here for broader disclosure details.
