China Pacific Insurance (CPIC) Investment Management, a subsidiary with Hong Kong headquarters of one of the largest insurance groups in China, launched a US dollar monetary market fund as the asset token trend is expanding to Asia.
The stable Money Market Fund (MMF) was launched in the hashkey chain, a block chain permission for institutional users developed by Digital Asset Group Hashkey, and has obtained $ 100 million in subscription on the first day, according to a press release from Monday.
The product is only accessible to professional and institutional investors and invests in short -term fixed income assets called American markets and monetary market instruments. The PAC serves as the tokenization issuance platform for the fund, while Standard Chartered Bank provides registration and fund management services.
Assets administrators around the world are increasingly putting traditional financial instruments, such as government bonds, credit and funds on blockchain rails, a process often called real world asset tokenization (RWAS). In doing so, they seek to achieve operational and efficiency profits and faster and around the day.
Headquarters based in the United States such as Franklin Templeton and Blackrock have been leading the tokenization efforts of US treasure values as a blockchain -based installation to administer cash holdings, similar to a monetary market fund. Last week, Fidelity Investments also requested the regulatory approval to enter the market with a fund based on the Ethereum network. This is a rapid market: the total market value to generate the yield of around 500% during the past year to almost $ 4.8 billion, as shown by the RWA.XYZ data.
“The essence of finance is the flow of value through time and space, and Blockchain is the new infrastructure for this process,” said Dr. Xiao Feng, president and CEO of Hashkey Group.
“Integration with traditional finances is an important direction for the future development of web3 and one of the instructions with the greatest certainty,” said CG Zhou, CEO of CPIC Investment Management, in a statement, and added that the company will seek to token more traditional assets using blockchains based on compliance.
