XDC Launches Money Fund Tokens
A press release titled, "XDC Network Launches First Four Money Market Fund Tokens in Alliance with Archax" tells us, "XDC Network, an enterprise-grade Layer-1 blockchain, ... announced the launch of the first funds on its platform in token form in collaboration with Archax, the FCA-regulated digital asset exchange, broker and custodian. This builds on the previous partnership announcement between XDC and Archax for real-world asset (RWA) tokenisation. The first fund tokens that are live represent four of the world's largest money market funds (MMFs) from providers including abrdn, Fidelity International, BlackRock and State Street, and will be followed by others from the 100+ available through Archax from a variety of asset managers." It says, "Tokenised access to money market funds addresses a growing demand from institutional investors for regulated, digital-first financial products. There are currently $11.5 billion tokenised RWAs on-chain with some projections estimating the value could reach $16 trillion by 2030. By bringing these established investment vehicles onto the blockchain, XDC Network and Archax are creating new opportunities for improved liquidity, faster settlement, and reduced operational costs." Keith O'Callaghan, Head of Asset Management and Structuring at Archax, comments, "Providing digital representations of major MMFs opens up a potential new audience for these types of yield-bearing products that historically have been challenging for some to access. We're excited to hit this milestone with XDC Network, a firm that is poised to become one of the railways of the future of the finance industry." The release quotes Angus O'Callaghan, Head of Trading and Markets at XDC Network, "With our platform's robust performance and functionality, we have the ideal protocol for real-world asset tokenisation for institutions who want to work with regulated entities like Archax. We're excited to be taking this next step in our partnership with Archax and unlock access to some of the world's largest MMFs with transparency and efficiency."
