The Philippines government is selling tokenized Treasury bonds for the first time and is targeting to raise a minimum of 10 billion Philippine pesos (about $180 million) in the process, according to a new offering notice.

The sale of the tokenized treasury bonds to institutional investors will kick off next week.

The tokenization of real-world assets (RWA) has continued to gain popularity worldwide. In February, Hong Kong issued about $102 million worth of a tokenized version of its governmental green bonds for the first time.

Earlier this month, Hong Kong said it would allow some other types of tokenized securities activity in another significant step towards becoming a digital asset hub in the region.

The Philippines Bureau of the Treasury will offer the one-year tokenized bonds at minimum denominations of 10 million pesos (about $180,000) with increments of one million pesos or nearly $18,000.

The interest rate will be determined on Nov. 20, according to Bloomberg. The Philippines has cancelled its normal bills auction that would happen that same day to free room for the treasury bond sale.