HSBC has successfully issued its first digital-native structured product in Hong Kong, marking a significant milestone in blockchain-based financial instruments. The issuance involved USD-denominated notes directly on a blockchain, with Marketnode serving as the tokenization and digital payment agent. This private placement aims to demonstrate the potential of tokenization in transforming the issuance, settlement, and servicing of financial products. While HSBC did not disclose specific details such as the issuance size or the blockchain used, the initiative is part of a broader effort to explore digital-native financial solutions. This follows HSBC's previous collaboration with Marketnode and United Overseas Bank in Singapore's Project Guardian, which focused on digital-native structured notes.