Coinbase potentially set to launch tokenized money-market fund following BlackRock's success
|- CoinDesk report states that Coinbase Asset management is looking at launching Real-World Asset tokenized money fund.
- Coinbase Asset Management allegedly secured a partnership with Apex Group to help with the launch.
- BlackRock's BUIDL token has garnered attention towards tokenization following its $500 million success.
Coinbase's management arm, Coinbase Asset Management, is allegedly planning to launch its Real-World tokenized money-market fund, according to a new report on Wednesday.
Coinbase expands real-world tokenization efforts
Coinbase is allegedly on the brink of creating a tokenized money-market fund, according to a report by CoinDesk earlier today. The exchange's asset management division is reported to have begun work towards creating a tokenized asset, joining the likes of BlackRock, Franklin Templeton, and new entrant Goldman Sachs.
Real-world tokenized assets (RWA) are fast becoming a top trend among asset management firms due to the innovative features they bring to traditional finance.
Coinbase has been shifting towards the launch of a tokenized asset since 2023 after the company received the go-ahead to store TradFi assets on-chain in Abu Dhabi.
However, this new move may result from BlackRock's quick success following the launch of its BUIDL token. The asset manager saw its tokenized asset BUIDL fund hit a market value above $500 million after surpassing Franklin Templeton's FOBXX token.
The report also states that Coinbase Asset Management is in partnership with financial service provider Apex Group to achieve the launch of the new tokenized asset. The duo have allegedly begun work on the asset as investors are eager to hear more about their progress.
The Real-World Asset (RWA) tokens market cap is $7.2 billion, with a 24-hour trading volume of $427 million.
Meanwhile, many of the RWA tokens have been down over the past 24 hours, with ONDO, OM, and PENDLE experiencing declines of 2.5%, 3.2% and 10%, respectively.
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