Odaily Planet Daily News: Hong Kong-based stablecoin infrastructure company AlloyX has launched a tokenized money market fund called RYT, which debuted on Ethereum scaling network Polygon and is provided with custody services by Standard Chartered Bank.

AlloyX said in a press release Thursday that unlike traditional tokenized money market funds that offer passive investing, RYT integrates with decentralized finance (DeFi) to create yield-enhancing strategies while remaining within a compliance framework recognizable to auditors and regulators.

Last month, AlloyX was acquired by Solowin Holdings (SWIN), a Hong Kong-based listed investment holding company, for US$350 million to strengthen its expansion in emerging markets.

Polygon Labs will support the launch of RYT through technical integration and ecosystem development. The two companies said RYT will be operated exclusively by Polygon in the initial launch and will be expanded to other networks later. (Coindesk)