A Hong Kong-based subsidiary of China Merchants Bank (CMB) has tokenized its $3.8 billion money market fund (MMF) on BNB Chain.
CMB International Asset Management (CMBI) partnered with BNB Chain to bring the CMB International USD Money Market Fund onto the layer-1 (L1) blockchain, the company announced Wednesday.
This move builds on CMBI’s ongoing real-world asset (RWA) tokenization efforts with Singapore-based platform DigiFT, which previously tokenized the fund on Solana in August.
The launch on BNB Chain comes shortly after reports indicated that China’s securities regulator had urged local brokerages to pause RWA projects in Hong Kong.
Fund Overview
Launched in early 2024, the CMB International USD Money Market Fund is a sub-fund of the CMB International Open-ended Fund Company, a public umbrella fund established in Hong Kong.
The fund primarily invests in US dollar-denominated deposits and government-backed money market instruments across regions including the US, Singapore, the EU, mainland China, Hong Kong, Macau, and Taiwan.
According to Hong Kong Stock Exchange (HKEX) data, the fund has shown steady growth since its launch, with assets under management (AUM) rising 24%, from $2.9 billion in April to $3.6 billion by August.
CMBMINT and CMBIMINT Tokens on BNB Chain
CMBI Asset Management’s partnership with BNB Chain represents a key step in bringing real-world assets (RWAs) to one of the most active blockchain ecosystems, the company said.
“Through expanded on-chain distribution, CMB International and BNB Chain are giving accredited investors direct blockchain-based access to a top-performing fund now exceeding $3.8 billion in AUM,” the announcement added.
The partnership introduces two tokens, CMBMINT and CMBIMINT, on the BNB Chain, enabling investors to access the fund using fiat or stablecoins and redeem their holdings through DigiFT.
The launch also involves RWA infrastructure provider OnChain, which allows the tokens to be utilized across various decentralized finance (DeFi) applications, including lending and yield generation.
Amid reports that mainland China regulators have asked Hong Kong brokerages to pause RWA offerings, it remains unclear whether the tokenized CMBI fund fully aligns with the local regulatory framework.
