Mirae Asset Securities (HK), the Hong Kong arm of one of South Korea’s largest brokers, said on Wednesday 28 October that it has issued tokenized notes on Solana. According to the company’s release on PR Newswire, sent from Hong Kong at about 04:26 UTC, the securities are six-month floating-rate notes in US dollars, sold to eligible institutional investors and distributed by Marketnode, a Singapore-regulated market infrastructure firm. The Solana Foundation, named in the release title, says it supported the transaction.
The release gives the shape of the deal and almost none of its numbers. It does not say how many notes were sold, what they pay, which benchmark the rate floats on, when exactly they mature or who bought them. The US$3 billion figure in several headlines is the ceiling of the programme the notes were issued under, the Guaranteed Structured Note Programme, not the amount raised on Wednesday.
The company presents the deal as a model it can extend to other structured products. “Extending our structured note capabilities into digitally native channels is a natural progression of our strategic focus on digital assets,” said Kelly Sohn, the firm’s head of digital assets.
Mirae Asset’s tokenized notes on Solana are for professional investors only
Sales went by private placement to “eligible professional investors” as Hong Kong’s Securities and Futures Ordinance defines them, a category that covers institutions and wealthy clients. The release states that the notes have not been authorised by or registered with the Securities and Futures Commission (SFC). Retail investors in Hong Kong cannot buy them, and nothing in the release suggests they are offered anywhere else.
A floating-rate note pays a coupon that resets at set intervals, usually a benchmark rate plus a fixed spread. With a six-month life, these are short-term funding instruments, closer to commercial paper than to a long bond. The word “funding” in the release title points the same way: the notes raise money for the issuer. Whether the “Guaranteed” in the programme’s name means a parent-company guarantee, and from which entity, the release does not say.
Token issuance, payments and lifecycle management, a term that normally covers coupon payments and redemption, stayed in-house: Mirae says it ran them on its own infrastructure. Marketnode acted as the authorised distributor; the release describes it as backed by Euroclear, HSBC, SGX Group and Temasek. The Solana Foundation, a non-profit based in Zug, does not say what its support involved, and the release names no technical role for it.
“We’re proud to support this transaction and demonstrate how Solana can connect established financial markets with a growing digitally native ecosystem,” said Lu Yin, head of Asia-Pacific at the Solana Foundation. Marketnode’s head of digital assets, Andrew Scott, put the case in one line: “The next stage of tokenisation is about distribution.”
What the release discloses, and what it leaves out
Set side by side, the known terms fit in a short table. The rest is blank.
| Term | What Mirae’s release says |
|---|---|
| Issuer | Mirae Asset Securities (HK) Limited |
| Instrument | Six-month floating-rate notes |
| Currency | US dollar |
| Programme | US$3 billion Guaranteed Structured Note Programme (ceiling) |
| Blockchain | Solana |
| Buyers | Eligible professional investors, private placement |
| Distributor | Marketnode |
| Issue size | Not disclosed |
| Coupon, spread and benchmark | Not disclosed |
| Maturity date | Not disclosed |
| Token standard, address, custody | Not disclosed |
There is also no word on a secondary market. The notes sit on a public blockchain, but the release does not say whether holders can transfer them to other wallets, whether transfers are limited to approved addresses, or whether any venue quotes them. That matters, because a token that only moves between the issuer and a short list of vetted accounts behaves much like a conventional note held at a custodian.
A day earlier, a Grvt deal with no blockchain named
On Tuesday 27 October the same Hong Kong unit announced a separate tokenized note deal. In a sponsored Chainwire release datelined Singapore, it said it had arranged tokenized funding notes under an affiliate’s structured notes programme, and that Grvt, an onchain trading platform, subscribed to them. Grvt plans to use the exposure in connection with its Grvt Earn product.
That release names no size and no blockchain, and the Solana release does not mention Grvt. Nothing in either text says the Grvt notes and the Solana notes are the same securities, so we treat them as two announcements. The Grvt release also carries its own warnings: Grvt is not licensed by the SFC, Grvt Earn is not authorised by the SFC or offered to the public in Hong Kong, its yields are variable and not guaranteed, and Mirae does not operate or recommend it. Further products, from Treasuries to corporate bonds and ETFs, are described as “exploratory” and “non-committed”.
Korbit, now Digital X, is Mirae’s other crypto bet
This is the latest step in a year of crypto moves by the Mirae Asset group. On 22 July, Mirae Asset Consulting, a group affiliate, bought 91.73% of the Korean exchange Korbit and planned to buy a further 5.42% two days later, for 97.15% in total, according to The Korea Times. The affiliate’s cumulative investment in Korbit was set to rise from 133.5 billion won to 141.4 billion won with that second purchase. The Fair Trade Commission found the deal unlikely to hurt competition, citing Korbit’s 0.5% share of Korean crypto trading in 2025.
Korbit is being renamed Digital X. Mirae founder Park Hyeon-joo announced the name in an internal email, Cointelegraph reported on 24 July, citing Herald Business, and the plans include real-world asset tokenization, security token offerings and stablecoins.
Most of the firm’s digital work so far has happened in Hong Kong. The background notes of the Grvt release say that in January 2026 Mirae became the first Korean securities firm to issue digital bonds there, that in April its Hong Kong unit became, by its account, the first Korean-owned broker allowed by the SFC to offer digital asset trading to retail clients, and that in July it launched MAPS, an app for traditional and digital assets. These are company claims that Coindaro has not checked against regulator records.
Why the issue is in Hong Kong, not Seoul
South Korea has a law for tokenized securities, but it is not in force yet. The National Assembly passed amendments to the Capital Markets Act and the Electronic Securities Act on 15 January 2026, The Block reported at the time, with a one-year preparation period. Later reporting gives a firmer date: the changes take effect on 4 February 2027, Trade Informer wrote on 4 September, citing the Financial Services Commission’s roadmap.
That roadmap starts small. The first phase covers institution-only private money market funds, private corporate bonds, unlisted shares issued through trusts and publicly offered fractional-investment securities, while the Korea Exchange tests tokenized listed shares. Publicly offered securities and onchain settlement with stablecoins come later, with no dates set. Detailed rules on eligible products, trading limits and registration were expected by the end of September; we could not confirm whether the final text has been adopted.
A private note sold only to professionals is close to what that first Korean phase would allow, and Mirae did not have to wait for it. The notes were issued in Hong Kong, under Hong Kong securities law, to professional investors only, so a Korean group can test token issuance and distribution now. Seoul is busy with other crypto rules in the meantime: crypto sent abroad will be reported from 3 December, as we covered in our piece on Korea’s new foreign exchange reporting and stablecoin plans.
The second institutional product on Solana in a week
Six days before this announcement, J.P. Morgan Asset Management put two tokenized money market funds on the network, also with a gate at the door: J.P. Morgan’s Solana funds are open only to qualified US investors with $1 million. On Tuesday, Janus Henderson chose another chain for its tokenized Nasdaq-100 fund, JQQQ on Stellar, sold only to non-US professional investors.
Each of these launches puts a regulated product on a public blockchain and keeps retail buyers out. For Solana, Mirae adds a Korean group to a list of institutional users that already includes J.P. Morgan. What the Mirae release does not give is any figure showing how much money moved on the network.
What it means for readers in the US and Europe
Not much, directly. The notes are a Hong Kong private placement for professional investors, not registered with the SFC and not offered to the public in the US or the European Union. They fall outside MiCA, the EU crypto rulebook, because they are securities, and nothing in the release suggests a European or American offering. There is no token a retail investor can buy on an exchange.
Readers who want onchain exposure to short-term dollar rates have other, publicly documented routes, each with its own rules and risks, which we compare in our guide to yield-bearing stablecoins and tokenized treasuries. This article is not investment advice.
What to watch next
The issue size, the coupon with its benchmark and the token’s address on Solana would turn this announcement into data. Mirae, Marketnode and the Solana Foundation have published none of them so far.
Even the notes’ own calendar is missing: the release gives neither an issue date nor a maturity date, only the six-month term, so the redemption date is unknown. Two markers come next. Seoul’s implementing rules for tokenized securities are due before the law starts on 4 February 2027, and a second Mirae issue under the same Hong Kong programme would show whether this one was a test or the start of a series.