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

CMB International Asset Management tokenized the CMB International USD Money Market Fund on BNB Chain via the CMBMINT and CMBIMINT tokens on Oct. 15.

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

Launched in 2024, the fund invests no less than 70% of its internet asset worth in US dollar-denominated short-term deposits and high-quality devices issued by governments, quasi-governmental entities, and top-tier monetary establishments.

Through tokenization, accredited buyers can subscribe utilizing fiat or stablecoins and redeem their holdings in real-time by way of DigiFT’s liquidity administration good contracts, supported by infrastructure supplier OnChain.

Adam Bai, head of CMB International Asset Management, mentioned BNB Chain’s infrastructure allows the agency to “securely and compliantly prolong our cash market methods to a broader international investor base.”

BNB Chain’s RWA ecosystem contains issuance companions, together with Franklin Templeton, Ondo, Securitize, Backed, OpenEden, and Asseto.

Among the monetary belongings issued on the community are Circle’s USYC, VBill, Benji, and Cash+.

The CMBMINT and CMBIMINT tokens will combine with the Venus Protocol and ListaDAO, enabling buyers to make use of them as collateral for lending or in yield methods.

Sarah, head of enterprise improvement at BNB Chain, known as the collaboration “one other milestone in our RWA journey,” including that it reinforces BNB Chain’s imaginative and prescient to develop into the tokenization layer for all belongings.

Regulatory context

On Sept. 23, Reuters reported that China’s securities watchdog suggested some native brokerages to pause their RWA tokenization enterprise in Hong Kong.

At least two main brokerages obtained casual steerage from the China Securities Regulatory Commission to chorus from conducting RWA enterprise outdoors China.

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

Hong Kong’s Financial Services, the Treasury Bureau, and the Hong Kong Monetary Authority are conducting a authorized overview of RWA tokenization, with an preliminary focus on the bond market.

The Hong Kong Monetary Authority said that it has pointers in place to control the sale and distribution of tokenized merchandise by banks and is exploring potential use instances via Project Ensemble, a sandbox challenge for tokenization.

GF Securities’ Hong Kong unit launched “GF tokens” in June, and China Merchants Bank International assisted Shenzhen Futian Investment in elevating 500 million yuan (roughly $70 million) by way of an RWA-based digital bond in September.

State-owned Guotai Junan International’s shares rose greater than 400% in June after the dealer obtained regulatory approval in Hong Kong to supply crypto buying and selling providers.

CMB International Asset Management is an entirely owned subsidiary of China Merchants Bank working in Hong Kong.

The tokenized fund targets accredited buyers via regulated channels supported by DigiFT and OnChain.

Additionally, this initiative helps place China within the RWA market, even when it means doing so via efforts in Hong Kong. As a consequence, bold predictions relating to the dimensions of the RWA market in just a few years develop into extra life like.

In its base case, McKinsey projected that tokenized monetary belongings will attain roughly $2 trillion by 2030, with an upside of almost $4 trillion.

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

Here comes a brand new challenger

The international RWA market reached an all-time high of $34 billion on Oct. 15, led by non-public credit score’s $17.5 billion and tokenized cash funds’ $8.3 billion.

According to rwa.xyz data, BNB Chain held a complete worth of $494.6 million in tokenized real-world belongings, representing 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 CMB International tokenization would convey 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 holds a complete RWA worth of $12.1 billion (57.5% market share) and $5.8 billion in tokenized cash funds (70% market share).

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

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

As a consequence, the dispute between Ethereum and Solana over the bottom within the shiny tokenization market could be shaken by the rise of the BNB Chain.

Although Ethereum would nonetheless dominate the market, BNB Chain would take Solana’s place as the most effective contender, contemplating the present numbers.

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