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Deployments · HSBC Orion · platform by HSBC

HSBC Orion digital bond issuanceUpdated 17 Oct 2026

Digitally native bonds issued and settled on HSBC Orion for sovereign, supranational, central bank, bank and corporate issuers. Issues include the European Investment Bank's first digital sterling bond and Hong Kong government multi-currency green bonds. Over $3.5 billion issued by February 2026. Later issuers include the Inter-American Development Bank (2025), the Luxembourg State Treasury's digital treasury certificates (2025) and a fourth Hong Kong offering of about HK$20 billion equivalent (September 2026).

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited)[1] — Repeated live issuance by a limited set of issuers. · Reviewed 14d ago

Assets
Debt security[1]
Hong Kong government digital green bonds
[1]
Bank and corporate issuers' digital bonds
[8][6]
EIB and IDB digital bonds
[9]
Luxembourg digital treasury certificates
Networks
HSBC Orion ledger Private, permissioned[1]
Use cases
Primary issuance[1]
Jurisdictions
Hong Kong, United Kingdom, Luxembourg, United Arab Emirates

Participants

Operates under

Likely relevant regulation

Assets

Moves across networks

  • direct linkMessage passing[3]HKD tranche of the fourth HKSAR digital green bond offering (September 2026).

Metrics

  • over $3.5bnDigitally native bonds issued · as of Feb 2026[1]
  • ~HK$20bnHong Kong fourth digital green bond offering · as of Sep 2026[3]
    HKD-equivalent total of the four tranches (HKD 5.5bn, RMB 7.5bn, USD 200m, EUR 450m).

Timeline

  1. Happened 29 Sep 2026 · Production milestone · recorded 15 Oct 2026
    Hong Kong prices its fourth digital green bond offering, about HK$20 billion equivalent in HKD, RMB, USD and EUR, with tokenised deposits used to settle the HKD tranche.[3]
  2. Happened Feb 2026 (month only) · Production milestone · recorded 15 Oct 2026
    The four two-year tranches of Hong Kong's February 2024 digital green bonds fall due.[4]
  3. Happened 18 Dec 2025 · Production milestone · recorded 15 Oct 2026
    Luxembourg's digital treasury certificates mature.[9]
  4. Happened 11 Nov 2025 · Production milestone · recorded 15 Oct 2026
    Hong Kong's third digital green bond offering (about HK$10 billion equivalent) lets investors in the HKD and RMB tranches settle in e-HKD and e-CNY.[5]
  5. Happened 8 Jul 2025 · Participant joined · recorded 17 Oct 2026
    First Abu Dhabi Bank settles a USD 100 million three-year floating-rate digital bond on Orion, listed on the Abu Dhabi Securities Exchange as the first DLT-based bond listed in the region.[11][12]
  6. Happened 18 Jun 2025 · Participant joined · recorded 15 Oct 2026
    Luxembourg's State Treasury issues EUR 50 million of six-month zero-coupon digital treasury certificates on Orion.[9][10]
  7. Happened 21 Mar 2025 · Participant joined · recorded 15 Oct 2026
    The Inter-American Development Bank prices a GBP 5 million 15-month digital bond on Orion, its first in sterling.[8]
  8. Happened Feb 2025 (month only) · Production milestone · recorded 15 Oct 2026
    The EIB's 2023 two-year digital sterling bond reaches maturity.[7]
  9. Happened 2025 (year only) · Production milestone · recorded 11 Oct 2026
    Hong Kong follows with a larger multi-currency digital green bond.[1]
  10. Happened 19 Nov 2024 · Production milestone · recorded 15 Oct 2026
    The EIB issues a EUR 100 million three-year bond on Orion, with proceeds paid in central bank money on the Banque de France's DL3S in the Eurosystem trials.[6][7]
  11. Happened 2024 (year only) · Production milestone · recorded 11 Oct 2026
    The Hong Kong government issues a multi-currency digital green bond on Orion.[1]
  12. Happened 2023 (year only) · First transaction · recorded 11 Oct 2026
    The European Investment Bank issues its first digital sterling bond on Orion.[1]

Sources

  1. [1]HSBC Orion awarded DIGIT platform mandate — HSBC, 12 Feb 2026. Accessed 11 Oct 2026.B
  2. [2]HSBC is first company to get Bank of England regulatory approval to go live in the Digital Securities Sandbox — HSBC, 15 Jul 2026. Accessed 12 Oct 2026.B
  3. [3]HKSAR Government's Fourth Digital Green Bonds Offering — Hong Kong Monetary Authority, 29 Sep 2026. Accessed 14 Oct 2026.A
  4. [4]HKSAR Government's Digital Green Bonds Offering — Hong Kong Monetary Authority, 7 Feb 2024. Accessed 15 Oct 2026.A
  5. [5]HKSAR Government's Third Digital Green Bonds Offering — Hong Kong Monetary Authority, 11 Nov 2025. Accessed 15 Oct 2026.A
  6. [6]Clifford Chance advises the EIB on its issuance of digital bonds on HSBC Orion as part of the Eurosystem Exploratory Work — Clifford Chance, 19 Nov 2024. Accessed 15 Oct 2026.C
  7. [7]Tokenisation in Finance - Different perspectives — European Investment Bank (ECB Bond Market Contact Group), 4 Mar 2026. Accessed 15 Oct 2026. EIB timeline of its digital bond issues, 2021 to 2024..B
  8. [8]IDB Issues Its First Blockchain-Based Digital Bond in Pound Sterling — Inter-American Development Bank, 21 Mar 2025. Accessed 15 Oct 2026.B
  9. [9]Linklaters advises the Grand Duchy of Luxembourg on its first digital treasury certificates issued on the blockchain — Linklaters (via British Chamber of Commerce Luxembourg), 26 Jun 2025. Accessed 15 Oct 2026.C
  10. [10]Grand Duchy of Luxembourg investor presentation (March 2026) — Trésorerie de l'État, Luxembourg, Mar 2026. Accessed 15 Oct 2026.A
  11. [11]Abu Dhabi Securities Exchange (ADX) partners with HSBC and FAB to launch MENA's First Digital Bond — HSBC, 3 Jul 2025. Accessed 17 Oct 2026.B
  12. [12]First Abu Dhabi Bank issues Middle East's first digital bond — FinanceAsia, 8 Jul 2025. Accessed 17 Oct 2026.C

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