Mirae Asset and Grvt Begin Tokenized Notes Collaboration, Explore Further Products
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Grvt subscribed to Mirae Asset’s tokenized funding notes. The firms may explore tokenized bonds and ETFs, subject to approvals and eligibility requirements.
The first step in Mirae Asset Securities (HK) Limited’s collaboration with Grvt is a subscription to tokenized funding notes. The transaction brings a traditional securities firm’s structured notes program into a tokenized format, while leaving any use of the resulting exposure in Grvt’s Earn product to Grvt’s independent decisions and management.
Mirae Asset Securities (HK) Limited, a Hong Kong subsidiary of Korea’s leading securities firm, arranged the issuance under an affiliate’s structured notes program. Grvt subscribed to the notes and intends to use the resulting exposure in connection with Grvt Earn, subject to applicable requirements. The source does not specify the notes’ amount, duration, underlying assets, or technical design, so the transaction’s particular economics and onchain implementation can’t be assessed from the details provided.
That distinction matters: tokenization describes how an asset or financial claim is represented and handled, but does not by itself explain the rights attached to a particular instrument. Here, the notes sit within a structured notes program. Their specific terms, including how ownership is recorded and what claims holders have, would determine what the tokenized representation means in practice.
Grvt Earn is offered and operated independently by Grvt. It is available only to eligible users in permitted jurisdictions, and Grvt independently determines and manages any use of the exposure connected with the product. The subscription therefore shouldn’t be read as a statement that the notes are available to all Grvt users, or that the notes and Earn are the same product.
Possible next products remain exploratory
The companies say they plan to explore other tokenized products, including Treasuries, corporate bonds and exchange-traded funds. Those discussions are non-committed and exploratory, and any later products would be subject to applicable approvals and compliance clearance. The firms describe this as their first collaboration; further opportunities would also depend on each party’s internal approvals and applicable requirements.
The distinction between an initial transaction and a product pipeline is significant. A completed subscription establishes that Grvt participated in this notes issuance. It does not establish that the firms will issue tokenized Treasuries, bonds or ETFs together, or that any such products will become available to users. Those possibilities remain under consideration.
For institutions and product developers, the next details to watch are the terms and structure of any future issuance, how tokenized records connect to the underlying financial claims, and which users would be eligible to access a product. The announcement gives no timetable or additional specifications for the proposed explorations.
Mirae Asset’s digital asset activity
The collaboration follows several digital asset initiatives by Mirae Asset Securities in 2026. In January, the firm became the first Korean securities firm to issue digital bonds in Hong Kong. In April, Mirae Asset Securities (HK) Limited became the first Korean-owned brokerage to receive Securities and Futures Commission approval to offer retail investors digital asset trading. In July, it launched MAPS in Hong Kong, a single app for traditional and digital assets offering products permitted by the SFC.
Mirae Asset Financial Group oversees more than US$1 trillion in client assets worldwide as of September 2026, according to the source. That figure gives a sense of the group’s scale, while the note subscription itself marks an initial collaboration rather than a stated commitment to a broader rollout.
Grvt co-founder and CEO Hong Yea described the subscription as an initial step and said the firms intend to explore tokenized Treasuries, corporate bonds and, over time, ETFs for eligible investors in permitted jurisdictions, subject to applicable requirements. Kelly Sohn, head of digital assets at Mirae Asset Securities (HK) Limited, said the issuance brings the firm’s structured product capabilities into tokenized markets and that further opportunities remain subject to applicable requirements and internal approvals.
What the announcement establishes
The announcement sets out a defined transaction and a possible direction for future work: Grvt subscribed to tokenized funding notes arranged by Mirae Asset Securities (HK) Limited, and the firms intend to explore other tokenized assets. It does not provide the note terms, disclose a delivery schedule for additional products, or promise that the exploratory discussions will lead to issuance.
Grvt says its onchain platform has been live since 2024 and lets users trade, invest and earn through a single account that only the user’s own key can move. The company reports having served more than 198,000 wallets and reaching peak total value locked of US$109 million on March 22, 2026. It says it is backed by ZKsync, Further Ventures, 500 Global and Hack VC, and works with ecosystem partners including Ondo Finance, Aave, Morpho, Plume and OpenEden. These figures and relationships describe the platform; they don’t disclose the terms or mechanics of this notes issuance.
The practical test for any next phase will be whether the firms turn exploration into specific products with clear terms, access conditions and a defined connection between tokenized records and the underlying securities. For now, the subscription is the concrete development; the broader product ideas remain conditional.
