Ripple said Monday that a tokenized money market fund has launched on the XRP Ledger. The launch was made possible through a partnership with Archax, Ripple said in a press release.
"Archax, the first FCA regulated digital asset exchange, broker and custodian, has provided access to a money market fund from UK asset manager abrdn in tokenized form on the XRP Ledger," according to the statement.
"The fund comprises part of abrdn’s £3.8 billion US dollar Liquidity Fund (Lux) fund and represents the first tokenized money market fund on the XRPL," Ripple added.
Abrdn Senior Investment Manager Duncan Moir said "real benefits are to be had from leveraging the efficiency of moving the end-to-end investment and cash settlement process on-chain.
RippleX Senior Vice President Markus Infanger added that tokenizing real-world assets will improve operational efficiencies and "deliver utility at scale."
The total value of tokenized assets could reach $16 trillion by 2030, according to some estimates, said Ripple.
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