AlloyX Launches Tokenized Money Market Fund on Polygon with Standard Chartered
AlloyX, a Hong Kong-based firm, launched a tokenized money market fund named RYT on the Ethereum scaling network Polygon.
The fund, with custody services by Standard Chartered Bank, integrates with decentralized finance (DeFi) to enhance yields while adhering to compliance frameworks.
The stablecoin market has grown to a $280 billion market capitalization, with Tether's USDT and Circle's USDC dominating over 80% of the sector.
In September, AlloyX was acquired by Solowin Holdings for $350 million, facilitating expansion into emerging markets.
The acquisition includes T+1 settlement cycles for faster securities transactions and on-chain release of selected fund data for transparency within a regulated framework.
Polygon Labs supports the launch with technical integration, keeping RYT exclusive to Polygon initially, with plans to expand to other networks.
Dr. Thomas Zhu, Co-Founder and CEO of AlloyX Group, emphasized RYT's goal to connect DeFi liquidity with a transparent, audited cash management layer, maintaining regulatory compliance.
