China Merchants Bank Brings $3.8B MMF Fund On BNB Chain
China Merchants Bank International Asset Management (CMBI), a Hong Kong-based subsidiary of China Merchants Bank, has tokenized its $3.8 billion USD Money Market Fund on BNB Chain, partnering with the blockchain for onchain distribution. This follows an earlier tokenization of the fund on Solana via DigiFT. The fund, launched in early 2024, is a sub-fund of the CMB International Open-ended Fund Company and invests mainly in US dollar-denominated deposits and money market instruments across several global regions, with assets under management rising from $2.9 billion in April to $3.6 billion in August. The BNB Chain collaboration introduces CMBMINT and CMBIMINT tokens, letting accredited investors access and redeem fund exposure via fiat or stablecoins, and utilize tokens in decentralized finance (DeFi) applications through OnChain. The move comes amid reported pressure from Chinese regulators on Hong Kong brokerages to pause similar real-world asset (RWA) projects, raising questions about regulatory alignment.
