At a glance
- Trading began on PantherTrade, the crypto exchange owned by Nasdaq-listed Futu Holdings, in USD and HKD.
- About 16% of the fund, roughly $100 million, sits in retail share classes, and only Class F shares trade on PantherTrade, according to Ledger Insights.
- For advisors, the sale depends on PantherTrade's order book and on the fund's off-chain register recording the transfer.
Hong Kong's Securities and Futures Commission approved 24/7 trading in ChinaAMC's $660 million Digital Money Market Fund, the first round-the-clock dealing in a retail tokenized money market fund, according to Ledger Insights.
Trading began on PantherTrade, the crypto exchange owned by Nasdaq-listed Futu Holdings, in USD and HKD.
About 16% of the fund, roughly $100 million, sits in retail share classes, and only Class F shares trade on PantherTrade, according to Ledger Insights. Holders of the tradable shares no longer wait for subscription and redemption windows and can exit at any time, though at a cost.
For advisors, the sale depends on PantherTrade's order book and on the fund's off-chain register recording the transfer. A due-diligence question is whether the order book is deep enough and whether a token that cannot leave the exchange fits a mandate requiring assets to move between custodians.
HSBC has been building the parallel cash rail: its Hong Kong dollar RedCoin stablecoin, rolled out to PayMe's 3.3 million users, with a tokenized money market fund share class next. The Daily Network previously reported that plan.
Reported by the Tokenization desk from Ledger Insights. Published . Corrections