ChainCatcher news, the UK crypto trading platform Archax has provided access to a money market fund of the UK asset management company abrdn in a tokenized form on the decentralized blockchain XRP Ledger (XRPL). This fund is part of abrdn's £3.8 billion liquidity fund and is the first tokenized money market fund on the XRPL.

ChainCatcher news, according to Coindesk, the UK compliant crypto exchange Archax has announced that it will offer tokenized money market funds supported by State Street, Fidelity International, and Legal & General Investment Management (LGIM).The first batch of tokenized assets will be issued on the Hedera Hashgraph, XRPL, and Arbitrum blockchains, and will represent asset ownership through tokenized rights held by customers. In the future, Archax also plans to add more types of fund products. It is worth mentioning that traditional financial giants such as BlackRock, Franklin Templeton, and Abrdn have also launched tokenized funds.Previous news, Archax has also acquired the Spanish brokerage firm King & Shaxson Capital Markets (KSCM), and the deal is pending approval from Spanish regulatory authorities.

ChainCatcher news, Franklin Templeton has expanded trading of its OnChain U.S. Government Money Market Fund (FOBXX) to Ethereum.The asset management company has added a range of new blockchains to support the fund this year, including the recent Coinbase's Base, Aptos, and Avalanche. It uses the Stellar network as its primary public blockchain.FOBXX was launched in 2021, becoming the first money market fund to use a public blockchain to track transactions and ownership. Currently, its market capitalization is $410 million, making it the third-largest tokenized money market fund.

ChainCatcher news, according to Coindesk, the cryptocurrency company Copper announced in a press release on Wednesday that it will now provide custody and trading for tokenized money market funds such as BlackRock's BUIDL for its clients.The company has signed new partnerships with major players in the tokenization space, including Securitize, Franklin Templeton, Ondo, and Hashnote. Securitize is the transfer agent and tokenization platform for BlackRock's US Dollar Institutional Digital Liquidity Fund, which is issued on the Ethereum blockchain and represented by the blockchain-based BUIDL token.

ChainCatcher news, according to CoinDesk, the cryptocurrency company Copper announced in a press release on Wednesday that it will now provide custody and trading for tokenized money market funds such as BlackRock's BUIDL for its clients.The company has signed new partnerships with major players in the tokenization space, including Securitize, Franklin Templeton, Ondo, and Hashnote. Securitize is the transfer agent and tokenization platform for BlackRock's US Dollar Institutional Digital Liquidity Fund, which is issued on the Ethereum blockchain and represented by the blockchain-based BUIDL token.

ChainCatcher news, according to Coindesk, Franklin Templeton's OnChain U.S. Government Money Market Fund (FOBXX) has now launched on Coinbase's (COIN) Layer 2 blockchain Base. Currently, in addition to Base, Franklin Templeton's OnChain U.S. Government Money Market Fund (FOBXX) is also available on Arbitrum, Polygon, Avalanche, Aptos, and Stellar.

ChainCatcher news, according to The Information, Fidelity plans to launch its first money market fund traded on the blockchain. This is the latest attempt by the traditional financial giant to accelerate financial transactions and expand its product audience.It is reported that Fidelity had previously submitted relevant documents to U.S. securities regulators on September 26, detailing its plans. By launching this fund, Fidelity will compete with BlackRock, the world's largest asset management company that has similar funds, which have attracted over $500 million in investor capital.

ChainCatcher news, WisdomTree announced that users can now directly spend funds from the WisdomTree Government Money Market Digital Fund (WTGXX) using their Visa debit card. Currently, the fund manages assets of approximately $12 million.In addition, WisdomTree has launched the RWA platform, aimed at allowing users to access its regulated fund tokens through any wallet or blockchain network, with plans to eventually expand access to these assets.

ChainCatcher news, according to CoinDesk, State Street's Chief Product Officer Donna Milrod stated in an interview with Financial News that the bank is working on the tokenization of bond and money market funds, but currently has no plans to create stablecoins or tokenized deposits. However, Milrod said, "That doesn't mean we won't do it in the future; we just feel that there is no need to do it right now." Milrod mentioned that State Street has two ongoing tokenization projects focused on the tokenization of bonds and money market funds, which the company aims to complete "sometime next year." The goal is to establish tokenized collateral that allows traders to use it as margin without having to liquidate their holdings to raise cash.Milrod stated, "Operational efficiency alone is not enough. It needs to have commercial value, and the industry is figuring out where that commercial value lies. Collateral tokens could help avoid or mitigate the 'liability-driven' crisis of 2022, when pension funds could use money market fund tokens to post margin instead of liquidating assets to raise cash."

ChainCatcher news, according to CoinDesk, Aptos has now become the latest network where investors can trade shares of Franklin Templeton's OnChain U.S. Government Money Market Fund (FOBXX).It is reported that this fund is the second largest tokenized fund in the market, with a market capitalization of $435 million, and has currently launched on Arbitrum, Stellar, Polygon, Avalanche, and Ethereum.

ChainCatcher news, at the Solana Breakpoint conference, Franklin Templeton announced plans to launch a money market fund on Solana. Mike Reed from Franklin Templeton introduced Solana's technology at the Solana Breakpoint summit, including its high speed, low cost, modern architectural innovations (such as token scaling and development tools), and its community, explaining why they chose to build on Solana.Once launched, Franklin Templeton will become the first asset management company to issue securities on Solana based on a publicly registered statement with the U.S. Securities and Exchange Commission.

ChainCatcher message, according to Cointelegraph, analysis by Kobeissi Letter indicates that driven by expectations of an upcoming interest rate cut, U.S. money market funds have reached a historic high of $6.2 trillion. Bitcoin may also see a record price increase, largely fueled by institutional investors as they anticipate the Federal Reserve will cut rates and adjust their portfolios... the era of high interest rates is coming to an end.Investors increasingly expect the Federal Reserve to cut rates at the meeting on September 18. According to the latest data from the Chicago Mercantile Exchange FedWatch tool, the current probability of a 25 basis point cut is 65.5%, while the probability of a 50 basis point cut is 34.5%.Meanwhile, analyst Titan of Crypto states that the expectations of a rate cut could drive Bitcoin's price above $68,000.

ChainCatcher message, asset management giant Franklin Templeton announced the expansion of its on-chain U.S. government money market fund (FOBXX) to the Avalanche network. The fund is represented by the BENJI token and is currently traded on Stellar, Polygon, and Arbitrum.Franklin Templeton's Head of Digital Assets, Roger Bayston, stated that this move will further broaden the use of its innovative tokenized money market fund. FOBXX was established in 2021 and is the first U.S. registered mutual fund to record transactions on a public blockchain, investing in low-risk U.S. government securities. It is the second-largest tokenized fund, following BlackRock's BUIDL project. Currently, the management scale of tokenized government securities has reached $1.8 billion.

ChainCatcher news, according to CoinDesk, asset management company Franklin Templeton, with an asset size of $1.5 trillion, has expanded its on-chain U.S. government money market fund (FOBXX) to the Ethereum Layer 2 network Arbitrum, making it the third blockchain supported by the fund, which was previously launched on Stellar and Polygon.

ChainCatcher news, according to CoinDesk, sources revealed that Coinbase plans to launch a tokenized money market fund.In addition, Coinbase has partnered with financial services provider Apex Group to help drive the development of its tokenized fund.

ChainCatcher news, according to CoinDesk, Fidelity International has joined JPMorgan's Tokenized Collateral Network (TCN) to collaborate with Onyx Digital Assets in tokenizing shares of money market funds (MMF).Fidelity International stated that this move means increased efficiency in meeting margin requirements and reduced trading costs and operational risks. Fidelity International also has a long history in the digital asset space, having launched a tokenization project in collaboration with Swiss bank Sygnum as early as 2019.It is reported that JPMorgan's TCN started with the tokenization of money market fund shares, which is a mutual fund that invests in high-quality short-term debt instruments and cash equivalents. The bank stated that it plans to expand into equities, fixed income, and a range of asset classes.

ChainCatcher news, according to The Block, asset management company Franklin Templeton has enabled peer-to-peer transfers of its tokenized shares of on-chain U.S. government money market funds.It is reported that each share of Franklin Templeton on the Polygon and Stellar blockchains is represented by the BENJI token.

ChainCatcher news, according to official sources, the on-chain RWA exchange DigiFT has announced the launch of its second RWA deposit receipt (DR) series token, the DigiFT USD Money Market Fund Token (DMMF).It is reported that the DMMF token is issued on Ethereum and Arbitrum, with potential expansion to other public chains in the future. The token aims to optimize the cash management methods for stablecoin holders, providing on-chain stablecoin yields.In addition, the DMMF token directly represents the income rights to its underlying money market fund, which is managed by a licensed fund management institution and invests in high-quality short-term money market instruments and bonds, including government and corporate bonds, commercial paper, and deposits from qualified financial institutions.

ChainCatcher news, the UK Treasury's technical working group has released a new report on fund tokenization. This new report builds on the first report published by the technical working group in November 2023 and expands on the potential use cases for fund tokenization that were highlighted for the first time in the initial report. It specifically explores the use of tokens as collateral for money market funds and the role of tokenized funds in fully on-chain investment markets.In the third phase of work, the technical working group will now focus on how the UK investment management sector can leverage the opportunities brought by artificial intelligence.

ChainCatcher news, asset management company abrdn has partnered with cryptocurrency exchange Archax to focus on tokenizing traditional financial (TradFi) assets, aiming to gain a leading position in this emerging field. They plan to develop a regulatory environment for the tokenization and trading of various assets. This initiative marks the convergence of traditional finance and blockchain technology, which could fundamentally change the way assets are handled and traded.Early next year, Archax will launch trading pairs for the abrdn money market fund (MMF) token and Bitcoin (BTC). In other words, users will be able to exchange Bitcoin for USD MMF tokens instead of converting BTC to USD or USDC. The obvious next step (though the company has not publicly discussed this so far) is to use MMF ownership tokens as collateral.