DigiFT launches US dollar money market fund token to provide stablecoin holders with an actively managed on-chain investment solution from Chainwire


Singapore, Singapore, April 8, 2024, Chainwire

DigiFT, the first on-chain Real World Asset (RWA) exchange regulated by the Monetary Authority of Singapore (MAS), is proud to announce the launch of its second series RWA Depository Receipt (DR) token. The DigiFT USD Money Market Fund Token (DMMF) aims to provide a new cash management option for investors interested in alternatives in the crypto space.

According to the company, the launch of the DMMF token comes at a time when demand for tokenized financial products is increasing. DigiFT claims that the recent success of BlackRock's (NYSE:) tokenized fund, which raised $160 million in just a week since its debut, is proof of this. This highlights the growing interest in tokenized funds as attractive investment vehicles in the digital asset market.

The DMMF token represents a direct economic interest in a money market fund managed by an established and licensed fund manager that invests in high quality, short-term money market instruments and debt securities, including government and corporate bonds, commercial bills, etc., in deposits with appropriate financial institutions. The DMMF token works exclusively with licensed institutions in Singapore and aims to provide investors with a safe and compliant investment solution.

The DMMF token issued on and Arbitrum is intended to provide stablecoin holders interested in treasury bonds or cash solutions with an additional option to explore stablecoin yield. According to CoinDesk, the market cap of stablecoins is expected to grow from $150 billion today to about $3 trillion over the next five years. The token's special issuance structure, based on DigiFT's innovative DR model, ensures that each DMMF token directly represents a share of the income rights of the underlying securities. This model, debuted in the recently released DigiFT US Treasury Bill Depository Receipt Token, allows the DMMF token to accurately and, most importantly, legally represent the direct interest of token holders in the underlying asset while allowing for on-chain settlement to facilitate.

Henry Zhang, founder and CEO of DigiFTexpressed his excitement about the launch: “The release of the DigiFT Money Market Fund Token marks a significant milestone in providing best-in-class cash management solutions to the on-chain economy. By tokenizing money market funds, we bridge the gap between traditional assets and digital finance, providing investors with a reliable and profitable way to manage their assets on-chain.”

As the financial industry continues to evolve, DigiFT remains at the forefront and is dedicated to providing innovative solutions that meet the changing needs of investors and institutions. The introduction of DMMF is a testament to this commitment and establishes a new standard for cash management in the Web3 era.

For more information about DMMF and DigiFT's recent expansion into Hong Kong, users can visit DigiFT.

Disclaimer: This article is not an advertisement making an offer or drawing attention to an offer or proposed offer

About DigiFT

DigiFT is the first regulated exchange for real-world on-chain assets to be approved by the Monetary Authority of Singapore as a recognized market operator with a capital markets services license. With DigiFT, asset owners can issue blockchain-based security tokens and investors can trade through an Automated Market Maker (AMM) with continuous liquidity.

Founded in Singapore in 2021, DigiFT is fully committed to meeting the regulatory requirements for operating in the capital markets space in Singapore while providing innovative financial solutions that push the boundaries of financial services in a responsible manner.

DigiFT's founding team consists of executives who have held positions in the finance and fintech world at Citi, Standard Chartered (OTC:), Morgan Stanley and the Shenzhen Stock Exchange and have extensive knowledge of blockchain technology having worked in the Have successfully developed the exchange of digital assets and products in the past.

ContactPR DirectorEvelyn XiongDigiFT[email protected]

This article was originally published on Chainwire


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