Summary
- AlloyX said it has launched the tokenized money market fund RYT.
- RYT, which operates on the Polygon (POL) network, is supported by Standard Chartered (SC) for custody services.
- AlloyX said it plans to expand RYT to other blockchain networks in the future.
Hong Kong-based stablecoin firm AlloyX has launched a tokenized money market fund (MMF).
AlloyX said on the 2nd (local time) that it has launched the tokenized money market fund 'RYT'. An AlloyX spokesperson explained, "RYT, unlike existing tokenized money market funds that provide passive exposure, integrates with decentralized finance (DeFi) to create yield enhancement strategies within a regulatory compliance framework."
RYT was launched on Polygon (POL), an Ethereum (ETH)-based Layer 2 network. Global investment bank (IB) Standard Chartered (SC) supports custody services for RYT. AlloyX said, "RYT will be operated exclusively on Polygon initially and then expand to other blockchain networks."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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