Mirae Asset Securities Tokenises $12.5m Structured Note on Solana via Hong Kong Arm

Key points

Mirae Asset Securities' Hong Kong arm issued a $12.5 million tokenised floating rate note under a $3 billion guaranteed structured product programme.
The notes are US dollar-denominated, six-month tenor, and were placed privately with eligible institutional investors.
Marketnode, backed by Euroclear, HSBC, SGX, and Temasek, acted as distribution partner rather than tokenisation partner on this deal.
Mirae Asset Securities tokenised the product itself using proprietary digital infrastructure, with Solana as the chosen blockchain.
The Solana Foundation's involvement suggests the chain selection reflects a deeper strategic relationship rather than a purely technical choice.

The Hong Kong subsidiary of Mirae Asset Securities has completed its first tokenised structured product, a US dollar-denominated floating rate note with a six-month tenor, issued at $12.5 million under a broader $3 billion guaranteed structured product programme. The issuance was placed privately with eligible institutional investors, with Singapore-based Marketnode serving as distribution partner.

Mirae Asset Securities chose to tokenise the instrument using its own proprietary digital infrastructure rather than delegating that function to Marketnode, which has acted as tokenisation partner on comparable deals including HSBC‘s first digitally native structured product. Solana was selected as the underlying chain, and the participation of the Solana Foundation in the arrangement suggests a relationship that goes beyond a standard infrastructure decision.

Marketnode’s shareholder base, which includes Euroclear, HSBC, SGX, and Temasek, lends institutional weight to its distribution role here. The issuer framed the exercise as evidence that conventional structured products can be extended into digitally native distribution channels, signalling an intent to scale the approach within the existing programme rather than treat this as a one-off pilot.

What this means

distribution & BD: Marketnode's shift to a pure distribution role here, stepping back from the tokenisation function it performed for HSBC, suggests that issuers with proprietary infrastructure may increasingly own the minting layer while outsourcing investor access; distribution desks should consider whether their value proposition rests on tokenisation capability or on the institutional network that Marketnode's cap table represents.
infrastructure & platform: Mirae's decision to build and deploy its own tokenisation stack on Solana, rather than white-labelling an established partner's rails, raises the question of whether the $3 billion programme size justifies that build cost and whether other mid-to-large issuers are running similar calculations that could fragment the vendor landscape.
regulatory & policy affairs: A Hong Kong-domiciled issuance distributed privately into Singapore through a Temasek-linked intermediary on a public blockchain touches at least two regulators; the interplay between Hong Kong's SFC framework for tokenised securities and MAS expectations for private placements is worth mapping before the programme scales further.
founder & strategy: Framing a $12.5 million note as proof-of-concept for a $3 billion programme signals that Mirae is using this issuance to validate digitally native distribution at scale; the Solana Foundation's named involvement suggests a co-development or co-marketing relationship worth tracking as similar programmes from regional peers emerge.

Original source

Ledger Insights

ledgerinsights.com

Mirae Asset Securities Tokenises $12.5m Structured Note on Solana via Hong Kong Arm

Key points

Original source

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