Hong Kong arm of China’s second-largest fund firm China Asset Management (ChinaAMC) on Thursday rolled out the world’s first renminbi-denominated tokenised money fund.
This is the first tokenised money market product giving exposure to renminbi-denominated assets, after rising demand for similar products based on U.S. dollar funds.
Tokenisation turns traditional assets into digital tokens, enabling the creation of a digital central bank system that settles payments and securities trades faster and more cheaply by reducing manual checks.
ChinaAMC Hong Kong also launched a tokenised U.S. dollar money market fund, calling it the first such offering in Asia. The fund firm in February rolled out a similar product based on the Hong Kong dollar.
The Hong Kong unit expects demand for such funds to keep rising in the near future, as regulated on-chain money such as regulated stablecoins, tokenized deposits and central bank digital currencies become more widespread.
Reuters
