Huaxia Bank, a state-owned financial institution in China, has issued $637 million in commercial bonds using the country's central bank digital currency (CBDC), marking a significant milestone in blockchain finance. The bonds, distributed through Huaxia Financial Leasing, were recorded on a blockchain, ensuring transparency and real-time transaction verification. This initiative aims to eliminate intermediaries and could lead to more blockchain-based financial products in China. The bonds carry a 1.84% coupon rate and will mature in three years. While the specific blockchain network was not disclosed, it is likely a private blockchain due to China's regulatory environment.