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

Planet Daily News: BNP Paribas Asset Management (BNPP AM) has issued native digital shares of a money market fund (MMF) on the Allfunds blockchain. Unlike most tokenized funds based on existing funds, this is a newly created native digital share. The new shares were subsequently used in a cross-border transaction with a French counterparty. BNPP AM served as the transfer agent and transaction service provider, with Allfunds Blockchain as the technical partner. The scheme's appeal lies in its potential to improve efficiency, shifting from batch subscriptions and redemptions to instant trading at net asset value. Additionally, faster settlement is expected once the European Central Bank launches its wholesale DLT settlement solution. BNPP AM's move is also exploring the potential of MMF tokenization to attract crypto-native institutions and retail investors.