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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
