BNP Paribas Asset Management (BNPP AM) has just announced the launch of a tokenized money market fund (MMF) aimed at testing cross-border transactions based on Distributed Ledger Technology (DLT), in collaboration with Allfunds Blockchain and BNP Paribas’s securities services division.
The fund is issued in the form of the native token of an existing MMF in Luxembourg, allowing for instant transactions based on NAV instead of batch processing as currently done. This is a new step following the wholesale CBDC experiments of the Eurosystem in 2024.
BNPP AM stated that the tokenization of the underlying asset will help optimize operational efficiency, provide real-time transaction data, and expand access to MMF beyond the institutional investor group, targeting retail investors.
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