CMB International Asset Management Tokenizes the USD Money Market Fund on BNB Chain
On October 15, 2025, CMB International Asset Management made significant waves in the finance and blockchain sectors by tokenizing the CMB International USD Money Market Fund using CMBMINT and CMBIMINT tokens on the BNB Chain. This innovative move comes at a time when the fund manages over $3.8 billion and holds the top position among Asia-Pacific money market peers, according to Bloomberg’s performance rankings. Launched in 2024, the CMB International USD Money Market Fund has a robust investment strategy, directing at least 70% of its net asset value into US dollar-denominated short-term deposits and high-quality financial instruments issued by governments and top-notch financial institutions.
Through the power of tokenization, accredited investors can now subscribe to this fund using either fiat or stablecoins. They can also redeem their holdings in real-time thanks to DigiFT’s liquidity management smart contracts, supported by OnChain as the infrastructure provider. Adam Bai, the Head of CMB International Asset Management, remarked that the BNB Chain infrastructure allows for a secure and compliant way to broaden their money market strategies and cater to a global investor base. This tokenization not only democratizes access to investment opportunities but also aligns with the growing trend of merging traditional finance with blockchain technology.
BNB Chain has been proactive in creating a Real-World Asset (RWA) ecosystem, forming partnerships with well-known issuance partners such as Franklin Templeton, Ondo, and Securitize. Among the financial assets launched on the BNB Chain are well-established tokens like Circle’s USYC and VBill, positioning BNB Chain as a competitive player in the RWA landscape. The introduction of CMBMINT and CMBIMINT tokens will further enhance investor options. These tokens can integrate with protocols like Venus and ListaDAO, allowing them to be used as collateral for lending or to generate yield strategies. Sarah, the head of business development at BNB Chain, has described this partnership as a significant milestone, reinforcing the network’s ambition to serve as the primary tokenization layer for a variety of assets.
However, the regulatory context surrounding RWA tokenization is complex. Recent news from Reuters has highlighted that China’s securities watchdog advised brokerages in Hong Kong to pause their RWA tokenization initiatives. Informal guidance from the China Securities Regulatory Commission has been given to some brokerages to refrain from conducting RWA business beyond China’s borders. As a result, shares in some of Hong Kong’s leading brokerages saw declines of up to 7.25%. This caution from regulatory authorities signals the importance of a legal framework for RWA tokenization, particularly as Hong Kong’s Financial Services Bureau and the Hong Kong Monetary Authority review current regulations.
CMB International Asset Management operates as a wholly-owned subsidiary of China Merchants Bank in Hong Kong, targeting accredited investors through regulated channels enhanced by partnerships with DigiFT and OnChain. This initiative positions China strategically in the burgeoning RWA market, even if it is through initiatives in Hong Kong. McKinsey’s projections estimate that tokenized financial assets could reach around $2 trillion by 2030, with potential upside nearing $4 trillion. In contrast, Citi forecasts a total value of tokenized securities at approximately $4 to $5 trillion, while the Boston Consulting Group and ADDX have a much higher expectation of about $16.1 trillion by the same year.
The rise of the RWA market has been notable, hitting a high of $34 billion on October 15, with notable contributions from private credit and tokenized money funds. BNB Chain reported a total value of $494.6 million in tokenized RWAs, capturing 2.35% of the overall market, while accounting for 5.6% of the $8.3 billion segment centered on tokenized money funds. With the tokenization of the CMB International fund, BNB Chain’s total in these categories is expected to reach approximately $4.3 billion, representing 11.4% of the total RWA market and 35.3% of the segment dedicated to tokenized money funds.
As the dynamics among blockchain networks evolve, BNB Chain is on track to secure a stronger position in the RWA space, potentially shaking up the balance of power between Ethereum and Solana. Currently, Ethereum leads the market with a total RWA value of $12.1 billion and maintains a 57.5% share. Solana, while showing promise, lags with a total value of $686.3 million (3.26%). Once the CMB International initiative is fully realized, BNB Chain could cement its place as a significant contender, positioned to challenge Solana’s standing as the primary alternative to Ethereum in the tokenization market.
In conclusion, the tokenization of CMB International’s USD Money Market Fund is a crucial development in both the financial and blockchain realms. It underscores the increasing intersection of traditional finance with blockchain technology, further enabling a broader investor base to participate in money market strategies. While regulatory challenges linger, the evolving landscape presents lucrative prospects for tokenization and the wider adoption of digital financial assets. The anticipated impact of BNB Chain’s growing footprint in the RWA space signals a competitive shift that could redefine asset management and investment for years to come.
