China Merchants Bank’s subsidiary on Wednesday said it has launched its $3.8 billion money market fund on BNB Chain.
The strategic partnership is a major BNB news today as it’s a major milestone for both firms amid growing tokenization interest among TradFi.
Binance coin price continued to trade sideways as traders didn’t respond immediately to China Merchants Bank tokenizing its money market fund on-chain.
China Merchants Bank Selects BNB Chain as Tokenization Partner
BNB Chain, in an X post on October 15, announced that CMB International, a subsidiary of China Merchants Bank, selected its blockchain to tokenize financial instruments.
The bank has issued its $3.8 billion money market fund on BNB Chain, representing the CMBMINT and CMBIMINT tokens.
It enables accredited investors to trade these tokenized funds directly on chain through secure, compliant tokenization.
The move is powered by RWA platforms DigiFT and OnChain. The platforms will enable users to on-ramp and off-ramp between fiat and stablecoin, with real-time redemption through smart contracts.
BNB Chain Among Networks Leading Tokenization Push
BNB Chain is one of the leading networks witnessing rising tokenization demand from institutions.
The expansion of China Merchants Bank to decentralized finance has enabled the firm to boost its traditional financial strength with blockchain’s transparency and efficiency.
The ecosystem continues to expand in the RWA tokenization space. As per RWAxyz data, the total RWA tokenized on BNB chain is valued at $500 million.
The Venus Protocol and Lista DAO will also integrate support for CMBMINT and CMBIMINT tokenized funds. This brings DeFi utilities, such as collateralized lending and yield strategies, to the regulated tokens.
With low gas costs, scalability, and one of the most active ecosystems in Web3, BNB Chain is becoming the tokenization layer for all assets, from real estate and treasuries to institutional money markets like this.
As The Coin Republic reported earlier, BNB Chain made multiple new milestones last week.
It saw a record 26 million transactions in a single day, secured top rank in DEX trading volume, and daily active users jumped to a new high.
BNB Price Action
Binance Coin price continued to move sideways after dropping below $1200 in the past 24 hours, with the price trading near $1,184 at the time of writing.
The 24-hour low and high were $1,147 and $1,242.63, respectively. Furthermore, a 15% drop in trading volume in the last 24 hours indicates a lack of support from traders and investors.
Cautious trading continues due to a heavy macro week. Binance coin price recovered all losses during the crypto market meltdown.
The recovery fueled market speculation of the price hitting $2,000 soon.
The derivatives market showed mixed sentiment in the last few hours, as per CoinGlass data. The total BNB futures open interest dropped 2% to $2.06 billion in the last 24 hours.
The 4-hour BNB futures OI was down nearly 1%, with buying recorded in the past hour.