China Pacific Insurance Launches Tokenized U.S. Dollar Money Market Fund

China Pacific Insurance (CPIC) Investment Management, a Hong Kong-based subsidiary of one of China’s largest insurance groups, has launched a tokenized U.S. dollar money market fund, expanding the asset tokenization trend in Asia.

eStable Money Market Fund

The eStable Money Market Fund (MMF) was introduced on the HashKey Chain, a permissioned blockchain designed for institutional users by digital asset group HashKey. The fund successfully secured $100 million in subscriptions on its first day, according to a Monday press release.

Investment Details

This product is exclusively available for professional and institutional investors, focusing on U.S. dollar-denominated short-term fixed income assets and money market instruments. PAC functions as the tokenization issuance platform, while Standard Chartered Bank handles registration and fund administration services.

Global Tokenization Trend

Globally, asset managers are increasingly tokenizing traditional financial instruments like government bonds, credit, and funds onto blockchains, enhancing operational efficiency and facilitating around-the-clock settlements. U.S.-based firms such as Franklin Templeton and BlackRock have been leading the way in tokenizing U.S. Treasury securities. Recently, Fidelity Investments filed for regulatory approval for a fund based on the Ethereum network. This market is rapidly growing, with the total market value of yield-generating assets rising by nearly 500% over the past year to almost $4.8 billion, as reported by rwa.xyz.

Statements from Industry Leaders

“The essence of finance is the flow of value across time and space, and blockchain is the new infrastructure for this process,” said Dr. Xiao Feng, chairman and CEO of HashKey Group. CG Zhou, CEO of CPIC Investment Management, emphasized that integrating traditional finance is a crucial direction for future Web3 development and plans to tokenize more traditional assets using compliance-driven blockchains.