$3.8B fund tokenized on BNB marks China’s boldest RWA move yet

CMB Worldwide Asset Administration has tokenized the CMB Worldwide USD Cash Market Fund on the BNB Chain through the CMBMINT and CMBIMINT tokens on October 15.

The fund manages greater than $3.8 billion and was ranked primary amongst Asia-Pacific cash market friends in Bloomberg’s efficiency rankings as of October 2025.

Launched in 2024, the fund invests not less than 70% of its internet asset worth in US dollar-denominated short-term deposits and high-quality devices issued by governments, quasi-governments and main monetary establishments.

By way of tokenization, accredited traders can subscribe utilizing fiat or stablecoins and redeem their holdings in actual time by means of DigiFT’s liquidity administration sensible contracts, powered by infrastructure supplier OnChain.

Adam Bai, head of CMB Worldwide Asset Administration, stated BNB Chain’s infrastructure permits the corporate to “prolong our cash market methods to a broader world investor base in a protected and compliant method.”

BNB Chain’s RWA ecosystem consists of issuing companions together with Franklin Templeton, Ondo, Securitize, Backed, OpenEden and Asseto.

Monetary property issued on the community embrace Circle’s USYC, VBill, Benji and Money+.

The CMBMINT and CMBIMINT tokens will probably be built-in with the Venus Protocol and ListaDAO, permitting traders to make use of them as collateral for loans or in return methods.

Sarah, head of enterprise growth at BNB Chain, known as the partnership “one other milestone in our RWA journey,” including that it reinforces BNB Chain’s imaginative and prescient to grow to be the tokenization layer for all property.

Regulatory context

On September 23, Reuters reported that China’s securities watchdog suggested some native brokers to pause their RWA tokenization actions in Hong Kong.

At the very least two main brokers have obtained casual directives from the China Securities Regulatory Fee to chorus from conducting RWA actions exterior China.

Shares in prime Chinese language brokers listed in Hong Kong, together with Guotai Junan Worldwide and GF Securities, fell between 2% and seven.25% on the information.

Hong Kong’s Monetary Providers Division, the Treasury Bureau and the Hong Kong Financial Authority are conducting a authorized overview of the RWA tokenization, with an preliminary give attention to the bond market.

The Hong Kong Financial Authority said that it has established pointers to control the sale and distribution of tokenized merchandise by banks and is exploring attainable use instances by means of Challenge Ensemble, a sandbox mission for tokenization.

GF Securities’ Hong Kong unit launched “GF tokens” in June, and China Retailers Financial institution Worldwide assisted Shenzhen Futian Funding in elevating 500 million yuan (about $70 million) by means of an RWA-based digital bond in September.

Shares of state-owned Guotai Junan Worldwide soared greater than 400% in June after the Hong Kong dealer obtained approval to supply crypto buying and selling companies.

CMB Worldwide Asset Administration is a completely owned subsidiary of China Retailers Financial institution, working in Hong Kong.

The tokenized fund targets accredited traders by means of regulated channels supported by DigiFT and OnChain.

Moreover, this initiative helps place China within the RWA market, even when it means doing so by means of efforts in Hong Kong. Consequently, bold predictions concerning the dimension of the RWA market will grow to be extra sensible in a number of years.

Within the base case, McKinsey predicts that tokenized monetary property will attain roughly $2 trillion by 2030, with a profit of virtually $4 trillion.

In the meantime, Citi estimated that tokenized securities could be price about $4 to $5 trillion by the identical date. The Boston Consulting Group and ADDX projected a price of roughly $16.1 trillion by 2030.

Right here comes a brand new challenger

The worldwide RWA market reached a file excessive of $34 billion on October 15, led by $17.5 billion from personal credit score and $8.3 billion from tokenized cash funds.

In response to rwa.xyz factsBNB Chain had a complete worth of $494.6 million in tokenized real-world property, which represented 2.35% of the $34 billion market, and $469.9 million in tokenized cash funds, which accounted for five.6% of the $8.3 billion section.

The tokenization of CMB Worldwide would deliver BNB Chain to roughly $4.3 billion in each classes, representing 11.4% of the full RWA market and 35.3% of tokenized cash funds.

Ethereum has a complete RWA worth of $12.1 billion (57.5% market share) and $5.8 billion in tokenized cash funds (70% market share).

In the meantime, Solana has a complete of $686.3 million (3.26%) and $461 million in tokenized funds (5.55%).

Following the completion of this initiative, BNB Chain would rank second in each the general RWA market and the tokenized cash fund section.

Consequently, the dispute between Ethereum and Solana over the bottom within the shiny tokenization market could be shaken by the rise of the BNB chain.

Whereas Ethereum would nonetheless dominate the market, BNB Chain would take Solana’s place as the highest contender given present numbers.