Franklin launches Hong Kong's first tokenized U.S. dollar fund, targeting the $19 trillion U.S. bond RWA market.

Hong Kong’s Monetary Authority Releases “Fintech 2030,” Franklin Templeton Simultaneously Launches First Tokenized Money Market Fund, Signaling Hong Kong’s Move Toward Blockchain

(Background: Standard Chartered predicts RWA market will reach $2 trillion by 2028, with most value concentrated on Ethereum.)
(Additional context: RWA has surged 57-fold in three years? Standard Chartered states the 2028 RWA market could hit $2 trillion, with DeFi already shaking up traditional finance.)

Inside the brightly lit Financial Management Building across Victoria Harbour in Hong Kong, yesterday (the 5th), HKMA Chief Executive Eddie Yue unveiled the “Fintech 2030” blueprint during a press conference. On the same day, Franklin Templeton announced the launch of Hong Kong’s first tokenized money market fund, symbolizing Hong Kong’s accelerated entry into the blockchain asset era.

“Fintech 2030”: Four Pillars in One Go
According to HKMA, “Fintech 2030” centers around DART: Data, AI, Resilience, Tokenization. The plan includes over 40 measures, from open data initiatives to resilience testing, aiming to incorporate AI and blockchain technology into the financial infrastructure.
Yue emphasized that the government is pushing forward a framework for tokenized deposit settlement, which could eventually include central bank digital currencies (CBDC).
He stated: “We want to establish a tokenized mechanism that supports real-time interbank settlement, so the market can truly benefit.”

Franklin Templeton’s “Franklin Chain US Government Money Fund” tokenizes short-term U.S. Treasury securities on the blockchain, with ownership and transaction records stored on-chain. Investors in the fund will enjoy benefits such as 24/7 trading, increased liquidity, and lower fees.
This product is also part of HKMA’s “Project Ensemble” sandbox, tested jointly with HSBC and OSL Group.
HSBC executives praised the near-instant settlement, indicating that traditional banking infrastructure is deeply integrating with blockchain technology.

A $19 Trillion Blue Ocean for Tokenizing Real-World Assets
Boston Consulting Group estimates that the global tokenized asset market could grow from $36 billion to $19 trillion within ten years. Hong Kong is seizing this opportunity by planning to regularly issue tokenized government bonds and foreign exchange fund notes under “Fintech 2030,” while relaxing cross-border order-sharing rules for licensed trading platforms.
Regulators also plan to establish clear approval processes to attract global capital and talent.
Next steps for “Project Ensemble” include expanding into bonds, trade finance, and cross-border investments, with a goal to reduce settlement times to just seconds. However, standardization, jurisdictional conflicts, and cybersecurity risks remain challenges.
The Resilience pillar within DART acts as a safeguard: HKMA requires participants to conduct stress tests and cybersecurity protections, while also promoting investor education to prevent regulatory gaps from rushing ahead of innovation.

Summary:
Franklin Templeton’s tokenized fund marks the first move for “Fintech 2030” and sets an example for the $19 trillion RWA market.
While the competition among financial centers is ever-changing, the lights across Victoria Harbour are now illuminating a new path for the digital asset era.

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• 【Franklin launches Hong Kong’s first tokenized USD fund, targeting the $19 trillion RWA market in U.S. bonds】

This article was originally published by BlockTempo, a leading blockchain news media outlet.