News

Coinbase Reportedly Planning Tokenized Money-Market Fund

The exchange has its own plans to enter the hot sector.

Jul 24, 2024 • 1 min read

Crypto exchange Coinbase is aiming to become a major player in tokenized US Treasury markets, CoinDesk reports.

What’s the scoop?

New Fund: The asset management arm of publicly traded crypto exchange Coinbase (COIN) plans to create a tokenized money market fund, attempting to emulate the success of tokenized products from legacy asset managers like BlackRock and Franklin Templeton.

Bankless Take:

While the tokenized asset sector already has plenty of money market offerings from more established firms, this latest offering stands out due to Coinbase’s massive distribution network; it has the potential to push an increased number of onchain participants out of non-productive stablecoins into yield-bearing US Treasury bills.

SCOOP: @coinbase's asset management arm is creating a tokenized money-market fund, according to four people familiar with the plan. It's a hot area of crypto after @BlackRock's $BUIDL success.@IanAllison123 reportshttps://t.co/Hx3RCL9pmL
— CoinDesk (@CoinDesk) July 24, 2024

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