- Ethereum hosts Standard Chartered’s tokenized money market fund, driving blockchain adoption in traditional finance.
- Regulatory clarity and high-profile projects like Libeara push tokenized assets toward a projected $30 trillion market by 2030.
Following Standard Chartered’s launch of UAE crypto custody services for Bitcoin (BTC) and Ethereum (ETH), as reported in a previous CNF update, the bank’s SC Ventures has announced the introduction of a tokenized US dollar money market fund in Singapore through its platform, Libeara.
In collaboration with FundBridge Capital and Wellington Asset Management, the fund will debut on Ethereum, targeting accredited investors. Alexandre Deschatres, Libeara’s Head of Business Development, highlighted plans to assess US Treasury bond liquidity before the official launch, as noted in a recent tweet by CoinNess Global.
Libeara set to launch Ethereum-based tokenized fund in Singapore
Libeara, Standard Chartered’s blockchain division specializing in real-world asset tokenization, plans to introduce a tokenized U.S. dollar money market fund (MMF) in Singapore by the end of December, according to…
— CoinNess Global (@CoinnessGL) December 2, 2024
Since its inception in 2023, Libeara has played a pivotal role in issuing tokenized real-world assets (RWA), including Singapore-dollar government bond funds.
Tokenization Gains Traction Among Financial Giants
The tokenization sector is gaining momentum as major players like BlackRock, UBS, and Franklin Templeton drive demand for tokenized RWAs. The total value of on-chain tokenized assets increased by 2.33% over the past month, reaching $13.54 billion.
While this growth is promising, it remains modest compared to projections of a $30 trillion market by 2030. Increasing regulatory clarity worldwide is expected to fuel further adoption, especially as stablecoins emerge as essential tools for settlement.
Regulatory Advances Encourage Industry Expansion
In addition to Morocco to Legalize Crypto: MiCA Framework Sparks Action as CNF recently reported, Europe’s MiCA Act has set a regulatory framework for stablecoins, fostering confidence in blockchain-based finance.
As the U.S. moves toward similar clarity by 2025, analysts anticipate exponential growth in stablecoin adoption, potentially accounting for 10% of U.S. M2 and foreign exchange transactions.
Globally, regulators are embracing tokenization initiatives. Spain’s CNMV recently approved its first on-chain tokenized asset issuance, and Hong Kong’s Digital Bond Grant Scheme offers financial incentives to digital bond issuers. At the time of writing, Ethereum (ETH) is trading at $3,589.69, reflecting a 0.53% daily decline and a 7.74% weekly drop.
