Mirae Asset Securities and Grvt Collaborate on Tokenised Funding Note Issuance

Structured notes have long been a staple of private banking, sold mostly to accredited investors through platforms like Mirae Asset's own program in Hong Kong. Tokenisation of such instruments has accelerated since 2023, as issuers from BlackRock to Franklin Templeton moved money-market and bond exposure on-chain. Grvt, a Singapore-based exchange built around on-chain settlement, is now the counterparty subscribing to one of these notes rather than a traditional private bank client.

Grvt plans to route the exposure from these notes into Grvt Earn, meaning users of that yield product gain access to a structured note backed by a regulated Korean securities firm rather than purely crypto-native collateral. That shifts counterparty risk away from DeFi protocols and onto Mirae Asset's balance sheet and its affiliate's notes program. Traders get a yield source with a traditional-finance pedigree; Mirae Asset gains a distribution channel into crypto-native capital it previously could not reach directly.

Dressing a bank-issued structured note in token form does not make it decentralised: Mirae Asset still controls issuance, structuring and the underlying obligations, and Grvt simply wraps that exposure for its users. The real test is whether this becomes a template for routing conventional fixed-income products into crypto venues, or whether it stays a bespoke arrangement between two firms. Either way, the line between 'tokenised finance' and traditional structured products issued by a licensed intermediary is getting thinner, not clearer.

The declared next step is an expansion into tokenised Treasuries, corporate bonds and ETFs, which the two companies say depends on applicable regulatory requirements in the relevant jurisdictions. Whether Singapore's and Hong Kong's regulators treat those products as conventional securities or carve out a lighter tokenised regime will determine how quickly Mirae Asset and Grvt can move beyond the funding note pilot. Watch for any follow-up filing or regulatory guidance referencing this collaboration in the months after October 27, 2026.

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