the launch of the first-ever tokenized money market fund on the XRP Ledger. This groundbreaking development features Abrdn’s $4.77 billion US Dollar Liquidity Fund.Interestingly, the move comes after a report from McKinsey revealed that tokenized money market funds have already surpassed $1 billion in assets under management.In light of this growing demand, Ripple has committed $5 million to purchase tokens from Abrdn’s Lux Fund.
For those unaware, since 2022, Archax has been utilizing Ripple’s digital asset custody solutions, allowing more investors to securely store their tokenized money market fund units on the XRP Ledger . Ripple has been utilizing the XRPL for over ten years to power a wide range of financial services, including global payments, digital asset custody, and stablecoin issuance.“There is now real momentum building for tokenized real-world assets, and Archax is at the forefront of tokenizing assets such as equities, debt instruments and money market funds.”Ishika is a graduate of Political Science from the University of Delhi.