BNP Paribas Asset Management issues tokenized money market fund units on Allfunds blockchain

Odaily News BNP Paribas Asset Management (BNPP AM) has issued native digital units of a money market fund (MMF) on the Allfunds blockchain. Most tokenized funds are based on existing funds, but in this case, new native digital units were created. The new units were then used in a cross-border transaction with a French counterparty. BNPP AM acted as transfer agent and transaction service provider, with Allfunds Blockchain as technical partner. The appeal of this solution lies in the efficiency it can achieve and the shift from bulk subscriptions and redemptions to instant transactions at net value. In addition, faster settlement is expected after the European Central Bank launches a wholesale DLT settlement solution. In this move, BNPP AM is also exploring the potential of MMF tokenization to attract crypto-native institutions and retail investors.