Moody's rates first fund on Standard Chartered tokenization platform

2024-01-04 10:44:05

Moody’s has recently issued an AA rating to the SGD Delta Fund, the first fund utilizing Standard Chartered’s SC Ventures’ Libeara tokenization platform.

Despite the underlying assets boasting a AAA credit quality, Moody’s decision reflects caution due to the fund manager’s limited track record in managing unit trusts with similar strategies. The tokenized Singapore-dollar government bond fund, offered by FundBridge Capital on Ethereum and Stellar blockchains, primarily invests in high-quality Singapore government securities.

Moody’s anticipates the fund’s credit quality to align with AAA standards but emphasizes that the fund manager’s lack of experience affects the rating. The innovative use of public blockchains, Ethereum (ETH) and Stellar (XLM), for issuing tokenized units is highlighted to enhance transparency and facilitate exchanges among whitelisted investors.

Interest in tokenization is rising, with SC Ventures’ Libeara platform launching in collaboration with FundBridge Capital. The platform, conceived by Standard Chartered Bank’s investment and innovation arm, underscores its commitment to advancing blockchain technology, as evidenced by its participation in the Monetary Authority of Singapore’s Global Retail CBDC Challenge.

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