Abrdn, State Street, Fidelity and BlackRock Money Market Funds Now Tokenised on XDC Network
LONDON--(BUSINESS WIRE)--#Abrdn--XDC Network, an enterprise-grade Layer-1 blockchain, today announced the launch of the first funds on its platform in token form in collaboration with Archax, the FCA-regulated digital asset exchange, broker and custodian. This builds on the previous partnership announcement between XDC and Archax for real-world asset (RWA) tokenisation. The first fund tokens that are live represent four of the world's largest money market funds (MMFs) from providers including abrdn, Fidelity International, BlackRock and State Street, and will be followed by others from the 100+ available through Archax from a variety of asset managers.
Tokenised access to money market funds addresses a growing demand from institutional investors for regulated, digital-first financial products. There are currently $11.5 billion tokenised RWAs on-chain with some projections estimating the value could reach $16 trillion by 2030. By bringing these established investment vehicles onto the blockchain, XDC Network and Archax are creating new opportunities for improved liquidity, faster settlement, and reduced operational costs.
“Providing digital representations of major MMFs opens up a potential new audience for these types of yield-bearing products that historically have been challenging for some to access,” said Keith O’Callaghan, Head of Asset Management and Structuring at Archax. “We’re excited to hit this milestone with XDC Network, a firm that is poised to become one of the railways of the future of the finance industry.”
The implementation leverages XDC Network's delegated proof-of-stake consensus mechanism, enabling transactions with sub-second finality and near-zero gas fees. The platform's enterprise-grade infrastructure aims to meet compliance with institutional requirements for security, scalability, and regulatory reporting.
“With our platform’s robust performance and functionality, we have the ideal protocol for real-world asset tokenisation for institutions who want to work with regulated entities like Archax,” said Angus O’Callaghan, Head of Trading and Markets at XDC Network. “We’re excited to be taking this next step in our partnership with Archax and unlock access to some of the world’s largest MMFs with transparency and efficiency.”
This listing is the latest in the ongoing partnership between Archax and XDC Network. Together, the firms combine the power of a regulated digital asset platform with innovative blockchain solutions to enable financial institutions – like the leading MMFs – to access tokenised RWAs cost-effectively and efficiently. In partnership, these crypto leaders are bridging traditional finance and blockchain innovation to broaden digital asset adoption and revolutionise global financial markets.
About XDC Network
XDC Network is a blockchain specifically developed to support trade finance and RWA tokenisation. A highly optimized, EVM-compatible Layer 1, XDC Network reaches consensus through a delegated proof-of-stake (dPoS) mechanism, which allows for a transaction time of mere seconds, near-zero gas fees, and a high number of transactions per second (TPS). Secure, scalable, and highly efficient, the XDC Network powers a wide range of novel blockchain use cases and provides state-of-the-art infrastructure for enterprise-grade blockchain applications. For more information visit https://XinFin.org or https://XDC.org.
About Archax
Archax is the first ever digital securities exchange regulated by the FCA in London. Targeted at institutions, Archax also has its FCA brokerage, custody and crypto permissions.
Founded by experts from traditional capital markets and backed by an accomplished advisory board, Archax offers a credible bridge between the blockchain world and the existing investment space. The Archax team is used to working in highly regulated markets and has a deep understanding of the blockchain landscape and tokenisation too – as well as a vision of how to evolve them and open up digital assets to institutions in a transparent manner.
Archax’s solutions are built using proven, resilient, scalable, high-performance infrastructure, integrated into the existing institutional trading workflow. For more information, visit: https://archax.com/.
Disclaimer: For the avoidance of doubt, the tokenisation of money market funds on XDC Network is facilitated through its partnership with Archax. XDC Network has not entered into direct partnerships with the asset managers. These funds are made available in token form through Archax's regulated platform, which utilizes XDC Network's blockchain infrastructure. Any questions regarding the money market funds should be directed to Archax as the regulated entity managing these relationships.
Contacts
Media Contact:
Magnitude, Inc.
Daniel Delson
daniel@magnitude-growth.com