CMB International Asset Management (CMBI), a subsidiary of China Merchants Bank, has launched a tokenized money market fund (MMF). While it doesn’t involve a natively digital share class, DigiFT is tokenizing one of the existing share classes and making it available to accredited investors in Singapore. The move represents a significant step into tokenized assets as China Merchants Bank is the seventh largest bank on the mainland. While the listed institution is not classified as state-owned, a Chinese state entity holds 43.5% of its stock.
The underlying fund is the popular CMB International USD Money Market Fund, which is regulated in both Hong Kong and Singapore. The MMF has a few interesting features, with the most notable being the ability to instantly issue and redeem the token. So far it is available on the Ethereum and Solana blockchains, with plans to add Arbitrum and Plume shortly. It claims to be the first public money market fund on the Solana blockchain.
Article continues …
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
