As the process of RWA tokenization accelerates, blockchain is gradually becoming the core infrastructure for the transformation of the traditional financial system into a digital and intelligent one, injecting continuous momentum into the innovative development of the financial industry.

Resonance: The Integration of Traditional Finance and On-Chain Ecosystem

Amid the global wave of digital transformation, blockchain technology has evolved over the years from a conceptual idea to practical application solutions. At the same time, the demand for digital assets in the global financial market has exploded. In this environment, traditional financial institutions face increasing competitive pressure, and the limitations of their existing asset operation models in terms of transparency, liquidity, and operational efficiency are becoming more pronounced. To break through development bottlenecks, traditional financial institutions are turning their attention to the integration of blockchain technology and RWA (Real World Asset), hoping to leverage the characteristics of blockchain's distributed ledger and cryptographic algorithms to achieve real-time sharing, efficient circulation, and precise control of asset information.

Financial Innovation in the RWA Era

In March 2025, China Pacific Insurance Investment Management Co., Ltd. (Hong Kong) took a milestone step in financial innovation by successfully deploying the "CPIC Estable MMF," a tokenized US dollar Money Market Fund (MMF), on the HashKey Chain, achieving refined management of fund shares on the blockchain. This collaboration is not merely a technical overlay but a bold attempt by traditional financial institutions to strategically embrace emerging technologies and deeply transform existing business processes. It marks a shift of blockchain technology from the periphery to the core of traditional finance, bringing a comprehensive innovation from concept to practice in institutional asset management, reshaping the issuance, management, and trading landscape of financial products.

Since its launch by HashKey Group in December 2024, HashKey Chain has quickly emerged in the blockchain field. It is compliance-oriented, aiming for efficiency and low costs, and is dedicated to building a bridge between traditional finance and the Web3 ecosystem. Its uniqueness lies in not only adhering to strict regulatory standards to ensure that all business operations comply with legal requirements but also in deeply studying the operational logic of the traditional financial system. Through technological innovation, it achieves seamless integration between the two, providing a new infrastructure option for the digital transformation of the financial industry.

China Pacific Insurance Asset Management Hong Kong's Pioneering Exploration

As an important strategic foothold for China Pacific Insurance Group in the Hong Kong market, China Pacific Insurance Investment Management Co., Ltd. (Hong Kong) is a globally recognized enterprise that has been listed in the Fortune 500 for 13 consecutive years. In the Hong Kong insurance asset management market, it has managed over HKD 75 billion, leveraging its deep industry experience and professional management team to establish a dual-driven business model of cross-border asset allocation and stable income strategies, becoming an important force for the stable development of the Hong Kong financial market.

The CPIC Estable MMF completed its tokenization issuance through the PAC platform, with Standard Chartered Bank responsible for custody, registration, and fund administration services, ensuring that the product operates in accordance with the strict regulations of the Hong Kong Securities and Futures Commission under the framework of the Hong Kong Open-Ended Fund Company (OFC). This fund focuses on the risk preferences and investment needs of professional investors, concentrating its investments on US dollar-denominated short-term deposits and high-quality money market instruments, with the first-day subscription scale exceeding USD 100 million, demonstrating the market's high recognition of its investment strategy and innovative model.

The on-chain deployment of CPIC Estable MMF is a crystallization of financial technology innovation and regulatory wisdom. It signifies that traditional financial institutions, while adhering to compliance, fully leverage the advantages of blockchain technology to achieve innovative breakthroughs in asset forms, management models, and trading mechanisms, providing a valuable practical example for the transformation of traditional finance to an on-chain ecosystem and giving Hong Kong's financial market a first-mover advantage in the global digital finance competition.

Win-Win: Bidirectional Empowerment in Ecosystem Construction

Breakthrough Progress in Institutional DeFi

For HashKey Chain, successfully supporting the compliant tokenization of MMF represents a significant breakthrough in the institutional DeFi (Decentralized Finance) space. This practical achievement not only validates HashKey Chain's reliability and security on a technical level but, more importantly, proves its exceptional capability to meet the complex business needs of traditional financial institutions. In the context of increasingly stringent financial regulations, HashKey Chain has become an ideal platform for the tokenization of financial products such as bonds, funds, and stablecoins, thanks to its strict adherence to compliance and deep adaptation to traditional financial processes. As more institutional assets choose to undergo digital transformation on HashKey Chain, its ecosystem will continue to enrich and improve, attracting more developers, investors, and service providers to participate, forming a virtuous cycle that drives the public chain's influence in the global fintech field to continue to rise.

Strategic Upgrade of China Pacific Insurance Asset Management Hong Kong

This collaboration is a key move in China Pacific Insurance's strategic layout in the RWA field. As a leader in the Hong Kong insurance asset management industry, China Pacific Insurance has taken the lead in tokenizing MMFs, accumulating valuable experience for the company's future exploration of on-chain solutions in broader asset categories such as bonds, equities, and insurance products. Tokenization not only enhances the liquidity of the fund, allowing assets to realize value conversion in a shorter time but also significantly increases transparency, enabling investors to access detailed information about assets in real-time, effectively reducing the risks associated with information asymmetry. This innovative initiative lays a solid technological foundation for China Pacific Insurance to expand into international markets and attract global institutional investors, enhancing the company's competitiveness in the international financial market. Additionally, leveraging blockchain smart contracts simplifies and optimizes the fund management process, reducing operational errors and moral hazards that may arise from human intervention, while lowering operational costs and increasing investor returns, further solidifying China Pacific Insurance's leading position in the industry.

This collaboration reinforces HashKey Chain's leading position in the institutional DeFi space, making it the preferred partner for global financial institutions in their digital transformation processes. At the same time, it opens up a new path for China Pacific Insurance Asset Management Hong Kong to empower traditional finance with blockchain technology, injecting new vitality into the company's future diversified development. As the tokenized asset market continues to mature, both parties are expected to deepen cooperation in broader fields, jointly promoting the digitalization process of more RWA assets, assisting the global financial market in moving towards a more open, transparent, and efficient on-chain financial system, and leading the financial industry into a new stage of development.

Support: The Technological Foundation of HashKey Chain

CPIC Estable MMF's choice of HashKey Chain as the tokenization deployment platform and its reliance on it for fund share management reflect a profound understanding and careful consideration of HashKey Chain's multidimensional technological advantages. HashKey Chain's excellent performance in low cost, high efficiency, and secure compliance provides solid and reliable technical support for the on-chain and circulation of institutional-level assets.

Low-Cost, High-Efficiency Trading Environment

HashKey Chain employs an advanced high-performance architecture that optimizes on-chain transaction costs from the ground up. In traditional public chain systems, high Gas fees have long been one of the main factors restricting the tokenization of institutional-level assets, increasing transaction costs and limiting the frequency and scale of transactions. HashKey Chain, through innovative technical means, has significantly reduced the Gas fee for each on-chain transaction to around USD 0.001, far lower than traditional public chains like Ethereum, bringing the costs of high-frequency operations such as fund subscriptions, redemptions, and share transfers within a reasonable range recognized by institutions. For MMFs with frequent capital operations, this low-cost feature greatly enhances the efficiency of capital turnover, increasing the economic feasibility of institutions adopting blockchain technology for asset management and laying the foundation for the efficient operation of MMFs in a blockchain environment.

Automated Management Driven by Smart Contracts

In terms of asset management processes, HashKey Chain leverages smart contract-driven automation mechanisms to achieve a qualitative leap in fund operational efficiency. The core business processes of CPIC Estable MMF, including subscriptions, redemptions, and profit distributions, are automatically executed by on-chain smart contracts, reducing operational risks and human errors that may arise from manual intervention while ensuring instant settlement of transactions, allowing funds to be transferred and confirmed in an instant. The programmable nature of smart contracts provides fund managers with greater flexibility, enabling them to modify and optimize capital operation methods in real-time based on market changes and adjustments in investment strategies, enhancing overall yield management capabilities and creating more value for investors.

Dual Protection of Security and Compliance

Security and compliance are the core elements of greatest concern to institutional investors, and HashKey Chain excels in this regard. It cleverly integrates the transparency of blockchain with the compliance system of traditional finance, providing comprehensive protection for the tokenization of MMFs. The custody and administrative management of the fund are handled by Standard Chartered Bank, which has rich experience and a good reputation, covering all key aspects such as registration, asset custody, and fund administration, ensuring that assets always strictly comply with regulatory requirements and avoiding potential compliance risks. Meanwhile, the smart contracts related to the fund must undergo rigorous security audits, with professional security teams conducting comprehensive checks on the code to prevent potential vulnerabilities and security risks. All fund transaction and share change information is fully recorded on the blockchain, allowing investors to query it at any time through a blockchain explorer, achieving a high degree of transparency and verifiability in the asset management process, enhancing investors' trust in the fund.

Additionally, HashKey Chain possesses excellent scalability and cross-chain interoperability, capable of supporting high-throughput transactions to meet the demands of large-scale capital flows and complex business scenarios. Its future compatibility with other public chains opens up vast space for the development of CPIC Estable MMF, meaning that while the fund operates on HashKey Chain, it is expected to connect to a broader DeFi ecosystem, further expanding investment channels, enhancing the liquidity of tokenized assets, and increasing the market value and competitiveness of the fund.

In summary, HashKey Chain provides solid and powerful technical support for MMF tokenization through low transaction costs, efficient smart contracts, strong security, and cross-chain compatibility. This technical architecture not only allows institutions to boldly explore innovative on-chain asset management models under the premise of security and compliance but also provides a feasible technical path for the deep integration of traditional finance and blockchain, accelerating the digital transformation of the financial industry and holding significant demonstrative significance in the global fintech development wave.

Headwind: Blockchain Will Ultimately Transform Global Asset Management

This collaboration leaves a significant mark in the development history of HashKey Chain and China Pacific Insurance, with its impact extending far beyond the two institutions themselves, deeply indicating that blockchain technology will initiate a revolution in the global asset management industry, reshaping the industry landscape. As the process of RWA tokenization accelerates, blockchain is gradually becoming the core infrastructure for the transformation of the traditional financial system into a digital and intelligent one, injecting continuous momentum into the innovative development of the financial industry.

Explosive Growth of the RWA Market

In recent years, the RWA sector has shown rapid growth, with the market size successfully surpassing $10 billion in 2024 and expected to achieve exponential growth, reaching trillions of dollars within the next five years. Behind this growth is the strong demand from the global financial market for the digital transformation of assets and the powerful drive of technological innovation. Global financial centers such as Hong Kong, Singapore, and Switzerland have keenly captured this development trend and have successively introduced clearer and more comprehensive regulatory frameworks, providing explicit policy guidance and compliance assurance for the on-chain of RWA assets. Driven by favorable policies, more and more institutions are beginning to pay attention to financial products on the blockchain. The continuous influx of institutional funds not only injects strong liquidity into on-chain finance and enhances market stability but also provides a more solid funding foundation and innovative momentum for the development of the DeFi ecosystem, pushing the industry to continuously advance.

The Rise of Institutional-Level DeFi

At the same time, compliant DeFi is rising, gradually changing the traditional DeFi ecosystem that primarily focuses on individual users. Unlike the high volatility, high risk, and lack of effective regulation of early DeFi products, institutional-level DeFi solutions place greater emphasis on compliance, security, and stable returns, highlighting the provision of reliable financial services to investors while adhering to laws and regulations. This shift has made compliant public chains preferred partners for financial institutions in their digital transformation processes. Compliant-friendly public chains like HashKey Chain, with their low-cost, high-efficiency technical architecture and precise understanding and deep adaptation to institutional investors' needs, are gradually becoming an important cornerstone for global asset management in the future, providing key support for building a safe, stable, and efficient global financial system.

Leading the Financial Industry into a New Stage

The successful deployment of CPIC Estable MMF on HashKey Chain provides a highly valuable reference case for the global financial market, vividly demonstrating the feasibility and immense potential of RWA tokenization. It not only proves that blockchain technology can effectively enhance the operational efficiency and transparency of traditional financial products but also offers a replicable model and experience for financial institutions to conduct innovative business within a compliance framework. As blockchain technology continues to mature and traditional financial institutions engage deeply, we have reason to believe that a truly compliant, secure, and transparent on-chain financial new era is about to arrive, leading the global asset management industry towards a more efficient, open, and innovative future, providing strong financial support for the sustainable development of the global economy.

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