CPIC Launches $100 Million Tokenized Money Market Fund on HashKey Chain

China Pacific Insurance (CPIC) Investment Management has launched a tokenized U.S. dollar money market fund, the eStable Money Market Fund (MMF), on the HashKey Chain, a permissioned blockchain for institutional use. Key details include:

The fund achieved $100 million in subscriptions on its first day.
It is available only to professional and institutional investors.
The fund invests in U.S. dollar-denominated short-term fixed income assets and money market instruments.
PAC serves as the tokenization issuance platform; Standard Chartered Bank provides registration and administration services.

Tokenization of traditional financial instruments is increasing globally, with firms like Franklin Templeton and BlackRock leading efforts to tokenize U.S. Treasury securities. Fidelity Investments has also sought regulatory approval for a fund on the Ethereum network. The market for yield-generating assets has surged by 500% over the past year, reaching nearly $4.8 billion.

Dr. Xiao Feng from HashKey Group emphasized blockchain's role as essential infrastructure for finance. CG Zhou from CPIC noted the importance of integrating traditional finance with compliance-driven blockchains for future Web3 development.