The combined market capitalization of tokenized money market funds is nearing $500 million as high yields in traditional markets attract crypto capital. sndr_krisztian reports
Tokenized money market funds are especially in demand among those who hold large amounts of, a token version of U.S. dollar cash. These include digital asset investment funds, crypto companies and decentralized autonomous organization treasuries, Eugene Ng, co-founder of OpenEden, said in an interview.
Fund investors are taking an increasingly sophisticated approach when it comes to on-chain cash management, Justin Schmidt, president and chief operating officer of Ondo Finance, said in a note. “A low-risk asset that pays meaningful yield in token form can serve as a valuable option for CFOs [chief financial officers] as they position their treasury operations for success.”
The fact that established players are also coming into the space, merging blockchain technology with traditional finance, also fuels growth, according to Doug Schwenk, chief executive officer of Digital Asset Research, a research and crypto data provider for institutional clients. “Brands like Franklin Templeton and Ondo Finance are bringing more trust to an asset that would be viewed more skeptically,” Schwenk said.
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