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AlloyX launches a tokenized money market fund on Polygon.
AlloyX has just launched the tokenized money market fund Real Yield Token (RYT) on Polygon, combining assets managed by Standard Chartered Bank with a DeFi strategy. RYT represents a stake in a traditional money market fund, investing in short term, low-risk instruments such as U.S. Treasury bonds and commercial paper, but tokenized for onchain trading and use in the DeFi ecosystem.
Users can use RYT as collateral on DeFi protocols, allowing borrowing and reinvestment to increase yields ( "looping" ). Polygon was chosen for its low fees, fast transactions, and robust DeFi ecosystem.
AlloyX's products stand out compared to other tokenized funds such as BlackRock BUIDL, Goldman Sachs, or BNY Mellon due to their deep integration with DeFi, allowing for composability and looping, thereby expanding profit potential for investors. The global market for tokenized money funds currently amounts to approximately 8 billion USD, with an average yield of 3.93%.