Deployments · HSBC Orion · platform by HSBC

HSBC Gold Token (Hong Kong retail)Updated 18 Oct 2026

Tokens giving Hong Kong retail customers fractional ownership of loco London gold bars held by HSBC in vaults in England, bought and sold through HSBC's online banking and mobile app and recorded on HSBC's private ledger via HSBC Orion. Launched in March 2024 as the first SFC-authorised retail product in Hong Kong based on DLT. It builds on HSBC's 2023 tokenised gold for institutional clients. A 2026 upgrade cut settlement to T+1 and added gifting between customers.

Live (scaled) since Feb 2026^[3]i — Over US$1 billion traded in the two years after launch. · Reviewed 21d ago i

Assets

Commodity title^[2]

Fractional ownership of loco London gold held by HSBC

Networks

HSBC Orion ledger Private, permissioned^[1]

Use cases i

Investment and trading^[3][2]

Jurisdictions

Hong Kong

Participants

• HSBCPlatform provider, Issuer, Operator, Custodian, Distributor^[1]United Kingdom
• LinklatersLegal or professional adviser^[2]United Kingdom

Assets

• IssuesHSBC Gold Token^[1]

Metrics i

• over $1bnTrading volume since launch · as of Feb 2026^[3]
• over $2.37bnTrading volume since launch · as of Jul 2026^[5]
  HSBC says more than 298,000 trades by July 2026.
• over 298,000 tradesTrades since launch · as of Jul 2026^[5]

Timeline

1. Happened Feb 2026 (month only) · Scope expansion · recorded 11 Oct 2026
   HSBC shortens settlement from T+2 to T+1 and lets customers gift tokens to others; trading volume since launch passes US$1 billion.^[3]
2. Happened 27 Mar 2024 · Launch · recorded 11 Oct 2026
   HSBC launches the Gold Token to Hong Kong retail customers through its online banking and app, powered by HSBC Orion.^[1]
3. Happened 3 Nov 2023 · Announcement · recorded 11 Oct 2026
   HSBC begins offering tokenised physical gold to institutional clients, traded via HSBC Evolve or API, each token worth 0.001 troy ounce.^[4]

Sources i