China Construction Bank (CCB) has tapped Hong Kong-based digital asset exchange Fusang for the issuance of $3 billion worth of debt securities over a blockchain.
According to a Wednesday report by the South China Morning Post, tokenized bond certificates will be issued through the state-owned bank’s Labuan, Malaysia, branch over a period of three months.
Notably, the digital securities will be exchangeable for bitcoin on the Fusang exchange, as well as U.S. dollars. Trading is slated to commence this Friday
If successful, Fusang intends to work with the “Big Four” Chinese bank on the issuance of certificates in other currencies, including the yuan, said Fusang CEO Henry Chong in the report.