TechFlow news, October 2 — According to Coindesk, Hong Kong-based stablecoin infrastructure firm AlloyX has launched RYT, a tokenized money market fund, debuting on the Ethereum scaling network Polygon and custodied by Standard Chartered Bank.
In a press release on Thursday, AlloyX stated that unlike traditional tokenized money market funds offering passive investments, 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 Solowin Holdings (SWIN), a Hong Kong-listed investment holding company, for $350 million to strengthen its expansion in emerging markets.
Polygon Labs will support the launch of RYT through technical integration and ecosystem development. The two companies said RYT will initially be operated exclusively on Polygon, with plans to expand to other networks later.
