Abu Dhabi Investment Firms Unveil U.S. Treasury-Backed Digital Fund with Ethereum and IOTA
The post Abu Dhabi Investment Firms Unveil U.S. Treasury-Backed Digital Fund with Ethereum and IOTA appeared on BitcoinEthereumNews.com.
Two Abu Dhabi firms have launched a new investment fund that purchases US Treasuries and then tokenizes them on IOTA and Ethereum. It’s the first fund of its kind from an Abu Dhabi-based firm, with the ADGM saying it “underscores our commitment to innovation.” Two firms based in Abu Dhabi, the UAE capital, have launched an investment fund that will tokenize US Treasuries on the IOTA and Ethereum networks. Neovision Wealth Management and Realize announced their new investment vehicle on Thursday, as reported by Reuters. The fund—dubbed Realize T-BILLS Fund—will purchase units of exchange-traded funds (ETFs) that focus on US Treasury bills and then convert them into tokens that investors can buy, hold, and easily transfer on IOTA and Ethereum. Realize, co-founded by IOTA founder Dominik Schiener, will be charged with tokenizing the ETFs while Neovision will manage the fund. According to the Reuters report, the new fund will initially only focus on State Street’s SPDR and BlackRock’s iShares, two of the biggest ETFs on Wall Street. We are excited to announce the launch of Realize T-BILLS Fund (OEIC) Limited, the first tokenized T-Bills fund in Abu Dhabi Global Market (ADGM). The $RBILL token will launch on @ethereum and @iota, offering investors exposure to safe and stable yield of U.S. Treasury Bills.… pic.twitter.com/cHpPNZfk7f — Realize (@realizefinance) October 31, 2024 Realize will issue $RBILL token on the two blockchains, with each token representing units in the fund and the underlying asset: US Treasury bill ETFs. In an interview with Reuters, Dominik revealed that the goal is to grow the fund to $200 million, making it one of the largest in the space. According to data from rwa.xyz, the total value of tokenized treasuries on various blockchains is currently at $2.36 billion despite a 2.3% dip in the past week. BlackRock is…
Filed under: News - @ November 2, 2024 12:26 am