China Merchants Bank tokenizes 3.8B USD fund on BNB Chain in Hong Kong

TLDR

• CMBI’s $3.8B fund is now tokenized on BNB Chain after its Solana launch.
• Accredited investors can access the fund using fiat or stablecoins.
• OnChain enables CMBI tokens to be used for DeFi lending and yield uses.
• The fund’s assets rose from $2.9B in April 2025 to $3.8B by October.

China Merchants Bank’s Hong Kong-based subsidiary, CMB International Asset Management (CMBI), has taken another step into blockchain finance by tokenizing its $3.8 billion CMB International USD Money Market Fund on BNB Chain. This move expands the fund’s onchain distribution after its earlier tokenization on Solana in August through DigiFT, providing accredited investors new digital access to traditional financial products.

Expansion of Tokenization to BNB Chain

CMBI partnered with BNB Chain to issue blockchain-based tokens representing shares of its money market fund. The collaboration was announced by BNB Chain on Wednesday, describing it as a way to bridge regulated investment products with blockchain technology.

The fund, originally launched in early 2024, is a sub-fund of the CMB International Open-ended Fund Company, a public umbrella fund registered in Hong Kong. It mainly invests in U.S. dollar-denominated deposits and government-backed money market instruments across various markets, including the United States, Singapore, the European Union, mainland China, Hong Kong, Macau, and Taiwan.

Details of the Tokenized Fund and Its Structure

According to data from the Hong Kong Stock Exchange (HKEX), the fund’s assets under management have risen steadily since inception. Its total assets grew from $2.9 billion in April 2025 to $3.6 billion in August and have now reached $3.8 billion.

Through the BNB Chain integration, two tokens—CMBMINT and CMBIMINT—have been deployed. These tokens enable accredited investors to purchase fund shares using either fiat currencies or stablecoins. Redemptions are processed through DigiFT, which also managed the Solana-based tokenization of the same fund earlier this year.

OnChain and DeFi Integration

The project involves RWA infrastructure provider OnChain, which allows the new tokens to be utilized within decentralized finance (DeFi) ecosystems. This includes the ability to participate in activities such as lending and yield generation, linking traditional fund assets to blockchain-based applications.

BNB Chain stated that “by expanding onchain distribution, CMB International and BNB Chain are providing Accredited Investors with direct, blockchain-based access to a top-performing fund with over $3.8 billion AUM.” This development positions CMBI among the few traditional financial institutions in Asia offering real-world asset (RWA) products on public blockchains.

Regulatory Context and Market Environment

The launch comes amid reports suggesting that mainland Chinese regulators have advised Hong Kong brokerages to pause their RWA-related initiatives. Despite this, CMBI’s tokenized fund on BNB Chain indicates continued momentum in Hong Kong’s regulated digital asset sector.

When approached for comment regarding the reported regulatory pressure, the Hong Kong Monetary Authority declined to respond. BNB Chain also did not provide comments before the report’s publication.

CMBI’s decision to extend its tokenization initiative to BNB Chain follows its earlier collaboration with Singapore-based DigiFT on Solana. Together, these efforts reflect ongoing experimentation by Hong Kong-based financial institutions to integrate blockchain with traditional asset management under a regulated framework.

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