The Hong Kong Special Administrative Region Government has issued its largest digital bond to date, valued at approximately HKD 10 billion. This issuance, part of the Sustainable Bond Programme, is the largest digital bond offering globally and includes multiple currencies: Hong Kong dollars, RMB, USD, and EUR. The bond attracted over HKD 130 billion in orders, indicating a 12-fold oversubscription. This marks the third digital bond issuance by the government in 2025, following the rebranding of its Green Bond Programme to the Sustainable Bond Programme in May 2024. The bonds were issued via the HSBC Orion platform and settled through the Central Muni Settlement System (CMU), with significant participation from major banks and law firms. This initiative is a major step towards the normalization of tokenized government bond issuance and the advancement of real-world asset tokenization.