China Pacific Insurance Launches Tokenized US Dollar Money Market Fund on HashKey Chain

China Pacific Insurance (CPIC) Investment Management, based in Hong Kong, launched a tokenized U.S. dollar money market fund on Monday, marking an expansion of asset tokenization in Asia. The eStable Money Market Fund (MMF), deployed on HashKey Chain, a permissioned blockchain for institutional users, secured $100 million in subscriptions on its first day. The fund, accessible only to professional and institutional investors, invests in U.S. dollar-denominated short-term fixed income assets. PAC serves as the tokenization platform, while Standard Chartered Bank handles registration and fund administration. Global asset managers are increasingly tokenizing traditional financial instruments to enhance efficiency and settlement speeds. U.S. firms like Franklin Templeton and BlackRock have been leading the tokenization of U.S. Treasury securities. Last week, Fidelity Investments also sought regulatory approval for an Ethereum-based fund. The market for yield-generating RWAs has grown by approximately 500% in the past year, reaching nearly $4.8 billion, according to rwa.xyz data.