Looking at China Taiping and HashKey Chain from the 100 million US dollars MMF chain, how to reshape the institutional DeFi landscape

Resonance: The integration of traditional finance and on-chain ecology

Under the sweeping wave of global digital transformation, blockchain technology has undergone years of evolution and has gradually implemented concepts into practical application solutions. At the same time, the global financial market demand for digital assets has shown explosive growth. In this environment, the competitive pressure faced by traditional financial institutions is increasing day by day, and the limitations of their original asset operation models in terms of transparency, liquidity and operating efficiency are becoming increasingly prominent. In order to break through the development bottleneck, traditional financial institutions have turned their attention to the integration of blockchain technology and RWA (Real World Asset), hoping to use the distributed ledger, encryption algorithm and other characteristics of blockchain to realize real-time sharing, efficient circulation and precise control of asset information.

Financial innovation in the RWA era

In March 2025, China Taibao Investment Management Co., Ltd. (Hong Kong) took a milestone step in the field of financial innovation, successfully deploying the tokenized US dollar MMF "CPIC Estable MMF" to HashKey Chain, realizing the refined management of fund shares on the blockchain. This cooperation is not a simple technological superposition, but a bold attempt by traditional financial institutions to actively embrace emerging technologies at the strategic level and carry out in-depth changes in existing business processes. It marks the use of blockchain technology in the traditional financial field from the edge to the core, bringing all-round innovation from concept to practice to institutional asset management, and reshaping the issuance, management and trading pattern of financial products.

HashKey Chain has quickly emerged in the blockchain field since its launch by HashKey Group in December 2024. It is compliance-oriented and aims at high efficiency and low cost, and is committed to building a bridge between traditional finance and the Web3 ecosystem. Its uniqueness is that it not only follows strict regulatory standards to ensure that all business operations comply with the requirements of laws and regulations, but also conducts in-depth research on the operating logic of the traditional financial system, and achieves seamless connection between the two through technological innovation, providing a new infrastructure choice for the digital transformation of the financial industry.

China Taiping Asset Management Hong Kong 's pioneering exploration

China Pacific Insurance Investment Management Co., Ltd. (Hong Kong) is an important strategic fulcrum for China Pacific Insurance Group to deploy the Hong Kong market. It is a global outstanding enterprise that has been ranked among the Fortune 500 for 13 consecutive years. In the Hong Kong insurance asset management market, with its deep industry accumulation and professional management team, its management scale exceeded HK$75 billion, and has built a business structure driven by cross-border asset allocation and stable income strategies, becoming an important force for the stable development of Hong Kong's financial market.

CPIC Estable MMF completes tokenized issuance through thePAC platform, and Standard Chartered Bank is responsible for custody, registration and fund administrative services to ensure that the products are operated in accordance with the Hong Kong Open-end Fund Company (OFC) framework under the strict supervision of the Hong Kong Securities Regulatory Commission. The fund focuses on USD short-term deposits and high-quality money market tools for targeting the risk preferences and investment needs of professional investors. The subscription scale on the first day exceeded US$100 million, demonstrating the market's high recognition of its investment strategies and innovative models.

The CPIC Estable MMF is the crystallization of financial technology innovation and regulatory wisdom. It means that while traditional financial institutions adhere to the bottom line of compliance, they make full use of the advantages of blockchain technology, and achieve innovative breakthroughs in asset forms, management models and trading mechanisms, providing a valuable practical sample for the transformation of traditional finance into an on-chain ecosystem, and also gaining a first-mover advantage for the Hong Kong financial market in the global digital finance competition.

Win-win: Two-way empowerment in ecological construction

Breakthrough progress in institutional-level DeFi

For HashKey Chain, successfully carrying compliant tokenized MMFs is a major breakthrough in the field of institutional-level DeFi (decentralized finance). This practical result not only verifies the reliability and security of HashKey Chain at the technical level, but more importantly, it proves the outstanding ability of the public chain to meet the complex business needs of traditional financial institutions. Against the current backdrop of increasingly strict financial supervision, HashKey Chain has become an ideal platform for tokenization of financial products such as bonds, funds, and stablecoins with its strict compliance with compliance and in-depth adaptation to traditional financial processes. As more and more institutional-level assets choose to undergo digital transformation on HashKey Chain, their ecosystem will continue to enrich and improve, attracting more developers, investors and service providers to participate, form a virtuous cycle, and promote the continued increase in the influence of public chains in the global financial technology field.

China Pacific Asset Management Hong Kong 's strategic upgrade

This cooperation is a key measure for China Pacific Insurance's strategic layout in the RWA field. As a leader in Hong Kong's insurance asset management industry, China Taiping took the lead in to tokenizing MMF, accumulating valuable experience for the company to explore the chain in a wider range of asset classes, such as bonds, equity, insurance products, etc. in the future. Tokenization not only improves the liquidity of funds and enables assets to convert value in a shorter time, but also significantly enhances transparency. Investors can obtain detailed information of assets in real time, effectively reducing the risks brought by information asymmetry. This innovative measure has laid a solid technical foundation for China Taiping to expand its international market and attract global institutional investors, and has enhanced the company's competitiveness in the international financial market. In addition, with the help of blockchain smart contracts, the fund management process has been simplified and optimized, reducing operational errors and moral risks that may be caused by manual intervention, while reducing operating costs, increasing investors' returns, and further consolidating China Taiping's leading position in the industry.

This cooperation consolidates HashKey Chain's leading position in the institutional-level DeFi track, making it the preferred partner of global financial institutions in the process of digital transformation; at the same time, it has opened up a new path for China Taiping Asset Management Hong Kong to empower traditional finance by blockchain technology, and injecting new vitality into the company's future diversified development. With the continuous maturity of the tokenized asset market, the two sides are expected to deepen cooperation in a wider range of fields, jointly promote the digitalization of more RWA assets, help the global financial market move towards a more open, transparent and efficient on-chain financial system, and lead the financial industry into a new stage of development.

Support: The technical base of HashKey Chain

CPIC Estable MMF chose HashKey Chain as the tokenized deployment platform and relied on it to manage fund shares. Behind this decision is a deep understanding and full consideration of the multi-dimensional technological advantages of HashKey Chain. HashKey Chain's outstanding performance in low cost, high efficiency, safety and compliance provides solid and reliable technical support for the on-chain and circulation of institutional-level assets.

Low-cost and high-efficiency trading environment

HashKey Chain adopts an advanced high-performance architecture and optimizes on-chain transaction costs from the underlying technical design. In the traditional public chain system, high Gas fees have always been one of the main factors restricting the tokenization of institutional-level assets, which not only increases transaction costs, but also limits the frequency and scale of transactions. Through innovative technical means, HashKey Chain has greatly reduced the Gas fee for each on-chain transaction to around US$0.001, far lower than traditional public chains such as Ethereum main network, reducing the cost of high-frequency operations such as fund subscription, redemption and share transfer to a reasonable range recognized by institutions. For MMFs with frequent funds, this low-cost feature greatly improves the turnover efficiency of funds, enhances the economic feasibility of institutions using blockchain technology for asset management, and lays the foundation for MMFs to operate efficiently in the blockchain environment.

Smart contract-driven automation management

In terms of asset management processes, HashKey Chain has achieved a qualitative leap in fund operation efficiency with the help of smart contract-driven automation mechanism. The core business processes such as subscription, redemption, and income distribution of CPIC Estable MMF are automatically executed by on-chain smart contracts, reducing the operational risks and human errors that may be brought about by manual intervention, and ensuring the immediate settlement of transactions, and the funds can be transferred and confirmed in an instant. The programmable characteristics of smart contracts give fund managers greater flexibility. They can modify and optimize the operation mode of funds in real time according to market changes and adjustments to investment strategies, achieve rapid response to market dynamics, improve overall income management capabilities, and create more value for investors.

Double security and compliance

Security and compliance are the core elements that institutional investors are most concerned about, and HashKey Chain is exceptional in this regard. It cleverly integrates the transparency of blockchain and the compliance system of traditional finance, providing a comprehensive guarantee for the tokenization of MMF. The custody and administrative management of funds are handled by Standard Chartered Bank, which has rich experience and good reputation, covering all key links such as registration, asset custody, and fund administration, ensuring that assets always strictly comply with regulatory requirements and avoid potential compliance risks. At the same time, smart contracts related to funds need to undergo strict security audits, and a professional security team conducts comprehensive inspection of the code to prevent potential vulnerabilities and security risks, and reduce technical risks. All fund transactions and share changes information are fully recorded on the blockchain, and investors can query at any time through the blockchain browser, achieving a high degree of transparency and verifiability of the asset management process and enhancing investors' trust in the fund.

In addition, HashKey Chain has excellent scalability and cross-chain interoperability capabilities, which can support high-throughput transactions and meet the needs of large-scale capital flows and complex business scenarios. Its potential for compatible with other public chains in the future has opened up broad space for the development of CPIC Estable MMF, which means that while the fund is operating on HashKey Chain, it is expected to access a wider DeFi ecosystem, further expand investment channels, enhance the liquidity of tokenized assets, and enhance the market value and competitiveness of the fund.

Overall, HashKey Chain provides stable and powerful technical support for MMF tokenization through its technical advantages in many aspects such as low transaction costs, efficient smart contracts, strong security and cross-chain compatibility. This technical architecture not only enables 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, promotes the acceleration of the digital transformation of the financial industry, and has important demonstration significance in the wave of global financial technology development.

Horizon: Blockchain will eventually transform global asset management

This cooperation has left a strong mark in the development history of HashKey Chain and China Pacific Insurance, and its impact far exceeds the two institutions themselves, deeply indicating that blockchain technology will launch a change in the global asset management industry and reshape the industry structure. With the continuous acceleration of RWA tokenization, blockchain is gradually becoming the core infrastructure for the transformation of the traditional financial system to digital and intelligent, injecting continuous impetus into the innovative development of the financial industry.

Explosive growth of the RWA market

In recent years, the RWA track has shown a rapid growth trend. The market size has successfully exceeded US$10 billion in 2024, and is expected to achieve exponential growth in the next five years to reach US$1 trillion. Behind this growth is the strong demand for digital transformation of assets in the global financial market and the strong driving force for 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 complete regulatory frameworks, providing clear policy guidance and compliance guarantees for the on-chain of RWA assets. Driven by favorable policies, more and more institutions have begun to pay attention to financial products on blockchain. The continuous influx of institutional funds has not only injected strong liquidity into on-chain finance and enhanced market stability, but also provided a more solid capital foundation and innovative impetus for the development of the DeFi ecosystem, and promoted the industry to continue to develop in depth.

The rise of institutional-level DeFi

At the same time, compliant DeFi is emerging, gradually changing the traditional DeFi ecosystem dominated by individual users. Unlike the high volatility, high risk and lack of effective supervision of early DeFi products, institutional-level DeFi solutions pay more attention to compliance, security and stable returns, emphasizing that they provide investors with reliable financial services under the premise of complying with laws and regulations. This transformation has made the compliant public chain a more favored partner for financial institutions in the process of digital transformation. Compliance-friendly public chains like HashKey Chain, with their low-cost and high-efficiency technical architecture and precise grasp and in-depth adaptation to the needs of institutional investors, are gradually becoming an important cornerstone of global asset management in the future, providing key support for building a safe, stable and efficient global financial system.

Lead the financial industry to a new stage

The successful deployment of CPIC Estable MMF on HashKey Chain provides a highly valuable case for global financial markets, vividly demonstrating the feasibility and great potential of RWA tokenization. It not only proves that blockchain technology can effectively improve the operational efficiency and transparency of traditional financial products, but also provides financial institutions with reference models and experience to conduct innovative businesses under the compliance framework. With the continuous maturity of blockchain technology and the in-depth participation of traditional financial institutions, we have reason to believe that a new era of truly compliant, secure and transparent on-chain finance is coming soon, and the global asset management industry will move towards a more efficient, open and innovative future, providing strong financial support for the sustainable development of the global economy.