China Pacific insurance rolled $ 100m tokenized funding money market in Hashkey chain
China Pacific Insurance (CPIC) Investment Management, a Hong Kong -based subsidiary of one of China’s largest insurance groups, has transferred a tokenized US dollar currency market funding as the asset tokenization trend expands in Asia.
The Estable Money Market Fund (MMF) was launched in the Hashkey Chain, a permission to blockchain for institutional users developed by Digital Asset Group Hashkey, and gained $ 100 million in the first day subscription, according to A Monday of the press release.
The product is only accessible for professional and institutional investors and investors in the US dollar denomination short-term fixed income assets and currency market instruments. The PAC serves as a platform for releasing the tokenization for the fund, while the Standard Chartered Bank provides registration and management services.
Asset managers around the world are increasingly putting traditional financial instruments such as government bonds, credit, and funds on blockchain metals, a process often referred to as tokenization of real-world assets (RWWA). Through this, they seek to achieve operations and efficiency and faster, around-the-way settlements.
The US -based providers such as Franklin Templeton and Blackrock have led to the tokenization efforts of US Treasury security as to a blockchain -based facility to manage cash holders, similar to a money market fund. Last week, Fidelity Investments also filed for regulatory approval to enter the market with funds developed on the Ethereum network. This is a rapidly growing market: the total cost of the yield generation of 500% in the past year to nearly $ 4.8 billion, Rwa.xyz data Shut up.
“The essence of finance is the flow of value throughout the time and space, and the blockchain is the new infrastructure for this process,” Dr. Xiao Feng, Chairman and CEO of the Hashkey Group.
“Integration with traditional finances is an important direction for the web3 development in the future and one of the directions with the greatest certainty,” CG Zhou, CEO of CPIC Investment Management, said in a statement, adding that the company would seek to token more traditional properties using blockchain-driven blocks.
