Polygon and Standard Chartered Bank join the AlloyX tokenized currency market fund

ChainCatcher news, according to CoinDesk, Hong Kong-based stablecoin infrastructure company AlloyX has launched a tokenized money market fund called RYT, which made its debut on the Ethereum scaling network Polygon and is custodied by Standard Chartered Bank.

In a press release on Thursday, AlloyX stated that unlike traditional tokenized money market funds that offer passive investment, RYT combines with decentralized finance (DeFi) to create yield-enhancing strategies while remaining within a compliance framework recognizable by auditors and regulators.

Last month, AlloyX was acquired by Hong Kong-listed investment holding company Solowin Holdings (SWIN) for $350 million to bolster its expansion in emerging markets.

Polygon Labs will support the launch of RYT through technical integration and ecosystem expansion. The two companies stated that RYT will initially be operated exclusively by Polygon, with plans to expand to other networks later.