China Pacific Insurance Launches Tokenized US Dollar Money Market Fund on HashKey Chain, Securing $100 Million on Day One

China Pacific Insurance (CPIC) Investment Management, based in Hong Kong, launched a tokenized U.S. dollar money market fund on the HashKey Chain, a permissioned blockchain for institutional users, securing $100 million in subscriptions on its first day, according to a Monday press release. The eStable Money Market Fund (MMF) is accessible only to professional and institutional investors and invests in U.S. dollar-denominated short-term fixed income assets and money market instruments. PAC serves as the tokenization issuance platform, while Standard Chartered Bank provides registration and fund administration services. This move aligns with the growing trend of asset managers tokenizing traditional financial instruments on blockchain for operational efficiency and faster settlements. Last week, Fidelity Investments also filed for regulatory approval to enter the market with a fund built on the Ethereum network. The total market value of yield-generating RWAs has increased by approximately 500% over the past year, reaching almost $4.8 billion.