According to a report from the Hong Kong Economic Times on September 10th, licensed virtual asset trading platform EXIO Group announced that it has partnered with a trust company under CITIC Xinhui International Capital to issue the first real-world asset (RWA) digital token, $EXCB-25, in Hong Kong (on the Ethereum mainnet) using a convertible senior note structure. This product supports subscriptions in stablecoins, with asset ownership registered by a trust institution. This reduces issuance costs, improves on-chain asset ownership confirmation, and enhances asset value stability.