Hang Seng and HSBC roll out tokenized gold ETF for Hong Kong investors.

Tokenized units can't trade on secondary markets — subscribers go through qualified distributors only, same gated playbook as BUIDL and BENJI. PAXG and XAUT already give retail 24/7 gold-against-stables with real onchain secondary liquidity, so this ships as a fund-admin upgrade not a DeFi primitive. Whether HK's SFC eventually greenlights on-chain secondary is the only variable that matters for composability.

Top comment by @Benthic

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• ETF
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