\u666f\u987a\u6295\u8d44 \uff08Invesco\uff09<\/a> has previously issued crypto linked exchange traded funds, but now the asset manager (AUM $1.9 trillion) is making its first steps into tokenization of real world assets (RWA) by partnering Singapore\u2019s DigiFT<\/a>. The first fund to be tokenized is a senior private credit fund, to meet the strong appetite for alternative investments.<\/p>\n\n\n\n Invesco is the latest in a raft of big name asset managers to embrace fund tokenization<\/a>, with Franklin Templeton<\/a> leaning in early and BlackRock\u2019s BUIDL<\/a> grabbing the headlines.<\/p>\n\n\n\n This is the second major brand landed by DigiFT. Just three months ago, DigiFT was announced as the first distribution partner for uMint<\/a>, the UBS tokenized money market fund. DigiFT is regulated in Singapore with both a capital markets and a market operator license allowing it to engage in both issuance and operate a secondary marketplace.<\/p>\n\n\n\n While UBS did the tokenization of uMint itself, DigiFT is tokenizing the Invesco fund on the Ethereum and Arbitrum blockchains. The tokens represent shares in a special purpose vehicle (SPV), with investors paying in stablecoins or fiat currency and the SPV investing the equivalent in the underlying fund.<\/p>\n\n\n\n The private credit tokens are for a $6.28 billion senior secured loan strategy fund. Many private credit funds offer monthly redemptions, but this is one of the few that offer daily redemptions in Asia.<\/p>\n\n\n\n Henry Zhang, the Founder and CEO of DigiFT shared some of the future plans. Despite offering daily redemptions, there\u2019s usually five day settlement. This is where there\u2019s a mismatch between on-chain expectations and the underlying asset. So Mr Zhang is planning to offer an on-chain liquidity pool (in future). In other words, the token holder could redeem the token in seconds, with the liquidity provider waiting five days.<\/p>\n\n\n\n \u201cThey can get a hundred dollars if they can wait five days, if they\u2019re not in a hurry for liquidity. But if they want it in five seconds, they probably see $99.90 as good, or $99.80 as good,\u201d said Mr Zhang.<\/p>\n\n\n\n This meets his three criteria for tokenization opportunities. \u201cOne, is it legally allowed? Number two, is it technically doable? Number three, is it commercially viable? People are waiting. They want the immediately liquidity, right? So there\u2019s a need,\u201d he said.<\/p>\n\n\n\n That\u2019s the commercial viability. Technically, this kind of liquidity pool is essentially very similar to an Aave lending pool, so isn\u2019t new \u2013 it\u2019s just the application that\u2019s novel. Legally, DigiFT has a license to operate marketplaces.<\/p>\n\n\n\n Mr Zhang also spoke about the other promises of tokenization \u2013 composability and the ability to more easily pledge tokenized assets as collateral.<\/p>\n\n\n\n Meanwhile, private credit is one of the most popular on-chain real world assets, mainly because Figure has tokenized<\/a> around $9.3 billion in home loans on the Provenance blockchain. Tradable<\/a> has tokenized $1.7 billion in private credit, with the firm linked to Janus Henderson.<\/p>\n\n\n\n \u201cOn the back of rapid developments in distributed ledger technology, fund tokenization is one of the most remarkable trends,\u201d said Noelle Lim, <\/strong>Invesco\u2019s CEO of Singapore. \u201cMany advantages of this innovation are finding a new home in the asset management space, transforming the industry.\u201d<\/p>\n\n\n\nFaster tokenized fund redemptions with liquidity pools<\/h4>\n\n\n\n