Federated Hermes Inc. announced Tuesday the launch of a tokenized money market fund—the Federated Hermes Money Market Management Digital Treasury Fund, ticker OFFXX—the latest foray from an asset manager into tokenized products.
The fund, which aims to invest in cash and U.S. Treasurys, was designed to satisfy the requirements for eligible reserve assets maintained by stablecoin issuers under 2025’s GENIUS [Guiding and Establishing National Innovation for U.S. Stablecoins] Act, according to the announcement from Federated Hermes.
“As the industry continues to explore the digital space and tokenized money market offerings, we continue to vet opportunities that employ the efficiency and transparency of blockchain technology,” said Paul Ulhlman, president and CEO of the Federated Advisory Companies.
As asset managers explore tokenization—which allows instant, 24/7 trading of assets on a blockchain—many firms have started with money market funds. Managers including Franklin Templeton, Fidelity, BlackRock and J.P. Morgan Asset Management are among those offering tokenized money market funds.
 |
Lawmakers Clash Over Tokenization as Congress Weighs Regulations |
 |
Northern Trust Launches Tokenized Money Market Fund |
 |
Franklin Templeton Expands Tokenized Funds to New Blockchain Network |