China Merchants Bank (CMB), one of China’s major commercial banks, has taken a significant step into blockchain-based finance by tokenizing its $3.8 billion money market fund (MMF) on BNB Chain. The initiative, carried out through its Hong Kong-based subsidiary CMB International Asset Management (CMBI), marks an important milestone in bridging traditional finance with decentralized blockchain ecosystems.
The move comes after CMBI’s earlier collaboration with Singapore-based tokenization platform DigiFT, which tokenized the fund on the Solana blockchain in August 2025. By expanding the fund’s presence onto BNB Chain, CMBI aims to provide investors with broader on-chain access and participation in the fund’s growth while leveraging BNB Chain’s robust DeFi ecosystem.
Fund Overview and Growth
The CMB International USD Money Market Fund is a sub-fund under the CMB International Open-ended Fund Company, a public umbrella fund based in Hong Kong. Since its launch in early 2024, the fund has steadily grown its assets under management (AUM), investing primarily in US dollar-denominated deposits and state-backed money market instruments across regions including the US, Singapore, the European Union, mainland China, Hong Kong, Macau, and Taiwan.
According to Hong Kong Stock Exchange (HKEX) data, the fund’s AUM increased by approximately 24%, rising from $2.9 billion in April 2025 to $3.6 billion by August. With the tokenization on BNB Chain, the fund now exceeds $3.8 billion, making it one of the largest traditional financial products integrated into a blockchain environment.
Tokenization on BNB Chain: CMBMINT and CMBIMINT
Through the partnership with BNB Chain, CMBI has introduced two tokens—CMBMINT and CMBIMINT—allowing investors to access the fund using fiat currencies or stablecoins. These tokens are fully compatible with DeFi applications, enabling investors to engage in lending, yield farming, and other blockchain-based investment strategies. The deployment of these tokens also allows accredited investors to redeem holdings through DigiFT, ensuring seamless interaction between traditional fund structures and blockchain networks.
BNB Chain highlighted that this collaboration expands on-chain distribution for traditional assets and offers a regulated pathway for investors to participate in high-performing funds via blockchain infrastructure. The integration with OnChain, a leading RWA infrastructure provider, further strengthens interoperability, allowing tokenized assets to interact with multiple decentralized platforms for liquidity and yield opportunities.
Regulatory Context and Market Implications
While tokenization offers new opportunities, regulatory clarity remains a concern. Reports indicate that China’s securities regulator has been pressuring local brokerages to pause RWA offerings in Hong Kong, raising questions about the fund’s alignment with local oversight. The Hong Kong Monetary Authority has not commented on these reports, and BNB Chain did not provide a statement when approached.
Despite these uncertainties, the tokenization initiative reflects a growing trend in financial markets: the integration of traditional investment products with blockchain technology. Tokenized funds provide investors with faster settlement, lower transaction costs, and access to global liquidity markets. For institutions like CMB, tokenization represents a strategy to modernize asset management and increase market reach.
Expanding Blockchain-Based Investment Opportunities
CMBI’s launch on BNB Chain builds on a broader movement toward real-world asset (RWA) tokenization. By allowing investors to hold a digital representation of a money market fund, blockchain platforms provide transparency and programmability that traditional financial systems often lack. Investors can track fund performance in real-time, engage in secondary market trading, or use tokens across multiple DeFi platforms, creating new avenues for capital efficiency.
The strategic use of both Solana and BNB Chain demonstrates CMBI’s approach to multi-chain deployment. This ensures that token holders can access liquidity and DeFi features on two major ecosystems, diversifying their risk and taking advantage of the distinct strengths of each blockchain.
Conclusion
China Merchants Bank’s tokenization of its $3.8 billion fund on BNB Chain signifies a major advancement in bridging conventional finance with decentralized blockchain infrastructure. By leveraging tokenized instruments like CMBMINT and CMBIMINT, accredited investors gain direct access to a high-performing fund while participating in emerging DeFi opportunities.
Although regulatory questions remain, the initiative underscores a growing global trend: traditional financial institutions are increasingly exploring blockchain solutions to enhance liquidity, reduce operational friction, and expand investor reach. As tokenization of real-world assets gains momentum, banks like CMB are positioning themselves at the forefront of a new era in financial technology.
Post Views: 139
