BNB News Today: Hong Kong's RWA Push Clashes with Beijing's Caution: CMBI Tokenizes $3.8B Fund

China Merchants Bank International (CMBI) has tokenized its USD 3.8 billion money market fund on BNB Chain, marking a significant step in bridging traditional finance and blockchain technology. The initiative, launched in collaboration with BNB Chain, DigiFT, and OnChain, introduces two tokens—CMBMINT and CMBIMINT—for accredited investors, enabling real-time access to the fund via fiat or stablecoins, Coinotag reported. This move aligns with Hong Kong's broader push to establish itself as a digital asset hub, though it comes amid regulatory scrutiny from mainland China, where authorities have asked brokerages to pause real-world asset (RWA) tokenization projects, according to Coinpedia.

The CMB International USD Money Market Fund, which invests in U.S. dollar-denominated deposits and money market instruments across global jurisdictions, reported assets under management (AUM) growth from $2.9 billion in April 2025 to over $3.8 billion at the time of tokenization, Coinotag noted. The on-chain representation of the fund leverages BNB Chain's infrastructure to expand distribution channels while maintaining regulatory compliance. DigiFT handles on- and off-ramp services, while OnChain provides DeFi integration, allowing token holders to utilize CMBMINT and CMBIMINT in lending protocols and yield-generating platforms, the report added.

BNB Chain's partnership with CMBI underscores its ambition to become a "tokenisation layer for all assets," according to Sarah Song, BNB Chain's head of business development, SCMP reported. The collaboration also reflects the blockchain's growing appeal among institutional players, with BNB Chain recently supporting tokenization efforts on Solana, Ethereum, and other networks. Meanwhile, Binance's broader initiatives—including a $45 million airdrop and a $400 million "Together Initiative"—aim to stabilize BNB's price, which has fluctuated near $1,200 following a market-wide liquidation event, Coindesk reported.

Regulatory dynamics remain complex. While Hong Kong regulators actively explore frameworks to support tokenization, mainland China's China Securities Regulatory Commission (CSRC) has issued informal guidance to brokerages to halt RWA projects, citing concerns over speculative risks and market stability, CoinLaw reported. This divergence highlights the challenges of cross-jurisdictional compliance, particularly for projects like CMBI's, which operate in a gray area between Hong Kong's innovation-driven policies and Beijing's cautious oversight.

The tokenization of institutional-grade assets signals a maturing market for RWAs, which analysts project could exceed $30 trillion by 2030. CMBI's move follows similar efforts by firms like Franklin Templeton and BlackRock, which have expanded tokenized funds across multiple blockchains, CryptoTale reported. For Hong Kong, the initiative reinforces its position as a testing ground for digital finance, with recent projects including GF Securities' "GF Tokens" and Shenzhen Futian Investment's RWA-backed digital bond, as noted in the CoinLaw piece.

Despite regulatory headwinds, market participants remain optimistic. BNB's technical indicators suggest a potential rebound, with trading volume doubling during recent recoveries, though consolidation near $1,215–$1,220 resistance levels persists, Coindesk observed. For CMBI's tokenized fund, the immediate challenge lies in balancing innovation with compliance, as Hong Kong navigates its role as a bridge between mainland China's risk-averse policies and global digital finance trends.