Ripple Announces Launch of Tokenized Money Market Fund on XRP Ledger
Ripple announced on Monday that it has launched a tokenized money market fund on 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 broker, custodian and exchange, has provided access to a money market fund from UK asset manager abrdn in tokenized form on XRP Ledger,” the release said.
“The fund forms part of abrdn’s £3.8 billion liquidity (Lux) fund and represents the first tokenized money market fund on XRPL, cementing it as one of the leading blockchains for real-world asset (RWA) tokenization and institutional decentralized finance DeFi,” Ripple added.
Duncan Moir, senior investment manager at Abrdn, said that “there are real benefits to be gained by leveraging the efficiency of moving the end-to-end cash settlement and investment process on-chain.”
RippleX senior vice president Markus Infanger added that tokenizing real-world assets will improve operational efficiency and “deliver utility at scale.”
The total value of tokenized assets could reach $16 trillion by 2030, according to some estimates, Ripple said.