PANews reported on July 25 that CoinDesk cited four people familiar with the matter as saying that Coinbase Asset Management is creating a tokenized money market fund. The tokenization of real-world assets has become a hot area for cryptocurrencies. The BlackRock tokenized U.S. Treasury bond fund BUIDL, launched in March this year, has reached $500 million in asset management. Two people familiar with the matter said that Coinbase Asset Management has been working with the Bermuda-based Apex Group to help promote the development of its tokenized fund. Apex provides custody and depository services for more than $3 trillion in assets. In March 2023, Coinbase acquired One River Digital Asset Management and established Coinbase Asset Management.