Key Takeaways
- • Digital Asset's Canton Network now hosts a tokenised money market fund, the yield-bearing US Yield Coin (USYC), according to Global Custodian.
- • The USYC fund is run by a digital asset manager backed by DRW and Cumberland.
- • Holders can hold and deliver collateral across the Canton Network, with privacy built into the platform.
Summary
Digital Asset's Canton Network has become the venue for a tokenised money market fund, according to a report by Jonathan Watkins published by Global Custodian on October 15, 2024. The fund, US Yield Coin (USYC), is issued by a digital asset manager backed by DRW and Cumberland. It is yield-bearing, and its holders can use it as collateral, holding and delivering that collateral across the Canton Network.
The launch highlights the emphasis on privacy in the Canton Network's design. The report characterises privacy as built into the platform, which is relevant for institutional participants that need to transact and post collateral without exposing positions to the wider market. Source material available for this summary is limited, so further details on fund size, assets under management, eligibility, and pricing are not provided here.
The launch highlights the emphasis on privacy in the Canton Network's design. The report characterises privacy as built into the platform, which is relevant for institutional participants that need to transact and post collateral without exposing positions to the wider market. Source material available for this summary is limited, so further details on fund size, assets under management, eligibility, and pricing are not provided here.
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