Chinese company ChinaAMC launches the world's first tokenized money market fund denominated in yuan. This initiative represents an important step in China's de-dollarization and offers investments in the digital yuan through the innovative structure of the ChinaAMC blockchain fund.
China Asset Management Hong Kong, a subsidiary of the second largest asset management company in China with over $400 billion in assets, has officially launched this product to eliminate the yield gap of assets in stablecoins.
Our tokenized financial products are designed with the emergence of stablecoins in mind… I am confident that we will become the first financial instrument capable of providing interest-bearing assets tied to stablecoins, said Tian Gan, CEO of ChinaAMC Hong Kong.
The launch of the Chinese tokenized yuan fund coincided with the passage of the stablecoin law in Hong Kong, which opens new opportunities for investing in the digital yuan. The new product allows for round-the-clock trading while simultaneously supporting China's drive for de-dollarization through yuan-based digital assets.
We believe that such products, combined with stablecoins and the digital yuan, will promote financial innovation and the internationalization of the yuan, said Matthew Chan, head of product and investment solutions at Citic Securities Brokerage Hong Kong.