The Hong Kong-based subsidiary of China’s main business financial institution, China Retailers Financial institution (CMB), has tokenized its $3.8 billion cash market fund (MMF) holdings on the BNB chain.
CMB Worldwide Asset Administration (CMBI) has partnered with BNB Chain to deliver the CMB Worldwide USD Cash Market Fund onto the corporate’s Layer 1 (L1) blockchain, BNB Chain introduced on Wednesday.
The brand new partnership builds on CBMI’s Actual World Asset Tokenization (RWA) collaboration with Singapore-based tokenization platform DigiFT, which tokenized the fund on the Solana blockchain in August.
CMBI’s fund launch in BNB Chain comes weeks after on-line reviews that China’s securities regulator was pressuring native brokerages to droop RWA initiatives in Hong Kong.
Fund overview
Established in early 2024, CMB Worldwide USD Cash Market Fund is a sub-fund of CMB Worldwide Open-Finish Fund Firm, a public umbrella open-end fund firm included in Hong Kong.
The Fund invests primarily in U.S. dollar-denominated deposits and state-sponsored cash market devices in international locations and areas resembling the USA, Singapore, the European Union, mainland China, Hong Kong, Macau, and Taiwan.
CMB Worldwide USD Cash Market Fund belongings underneath administration from April 2025. Supply: HKEX
The fund has grown steadily since its inception, with belongings underneath administration rising 24% from $2.9 billion in April to $3.6 billion in August, in keeping with knowledge from the Hong Kong Inventory Trade (HKEX).
CMBMINT and CMBIMINT tokens deployed on the BNB chain
The collaboration between CMBI Asset Administration and BNB Chain is a milestone in introducing RWA into one of the energetic blockchain ecosystems, BNB Chain mentioned in an announcement.
“By increasing on-chain distribution, CMB Worldwide and BNB Chain are offering accredited traders with direct blockchain-based entry to top-performing funds with over $3.8 billion in belongings underneath administration,” it added.
sauce: BNB chain
The partnership introduces two tokens, CMBMINT and CMBIMINT, on the BNB blockchain, permitting traders to achieve publicity to the fund utilizing fiat forex or stablecoins and redeem their holdings by way of DigiFT.
The launch additionally entails OnChain, an RWA infrastructure supplier that permits traders to make use of tokens throughout a number of decentralized finance (DeFi) functions resembling lending and yield.
Associated: HashKey cryptocurrency trade goals to checklist in Hong Kong this yr: Bloomberg
Mainland Chinese language regulators have reportedly requested Hong Kong brokerages to cease providing RWAs, however it seems unclear whether or not tokenized CMBI funds are in step with the native regulatory ecosystem.
The Hong Kong Financial Authority declined to remark when requested by Cointelegraph concerning the reported strain from mainland Chinese language regulators.
Cointelegraph reached out to BNB Chain for touch upon this problem, however didn’t obtain a response in time for publication.
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