The website CoinDesk writes that, "Coinbase Asset Management Plans Tokenized Money-​Market Fund," a news brief that tells us, "The asset management arm of U.​S.-​listed cryptocurrency exchange Coinbase (​COIN) is creating a tokenized money-​market fund, jumping into one of the hottest crypto-​powered corners of finance, according to four people familiar with the plan. Tokenization, or representing ownership of real-​world assets (​RWAs) through blockchain-​based products, has become one of the big trends in crypto of late. BlackRock, the world'​s biggest asset manager, introduced a fund called BUIDL that holds U.​S. Treasuries. That fund quickly hit $​500 million of assets following its introduction in March." The piece explains, "Two of the people familiar with the matter said Coinbase Asset Management has been working with Bermuda-​based Apex Group to help facilitate its tokenized fund. Apex services over $​3 trillion of assets across custody, administration, depositary and managed funds. In March 2023, Coinbase acquired One River Digital Asset Management, which led to the creation of Coinbase Asset Management."

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