CMB International Asset Management (CMBI), the Hong Kong-based subsidiary of China Merchants Bank (CMB), has announced the tokenization and on-chain listing of its flagship CMB International USD Money Market Fund on BNB Chain.
This move brings approximately $3.8 billion in assets under management (AUM) into the blockchain ecosystem, marking a major milestone in bridging traditional finance (TradFi) with decentralized finance (DeFi).
Launched in early 2024 as a sub-fund of the CMB International Open-ended Fund Company (a regulated public umbrella fund in Hong Kong), the fund invests at least 70% of its net asset value (NAV) in USD-denominated short-term deposits and high-quality money market instruments.
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These include government-backed securities, deposits from major financial institutions, and instruments from regions like the US, Singapore, the EU, mainland China, Hong Kong, Macau, and Taiwan.
As of October 2025, it ranks #1 among APAC peers in Bloomberg’s performance rankings, with AUM growing 24% from $2.9 billion in April to $3.6 billion by August. The fund is now represented by two blockchain tokens—CMBMINT and CMBIMINT.
Deployed on BNB Chain, a layer-1 blockchain originally developed by Binance but now community-driven and decentralized. These tokens enable: Accredited investors can subscribe using fiat currencies or stablecoins and redeem holdings 24/7 with real-time settlement.
Powered by infrastructure from OnChain an RWA provider, token holders can use their assets in DeFi protocols like lending, yield farming, and integrations with platforms such as Venus ($XVS) and ListaDAO ($LISTA).
On-chain tracking provides real-time portfolio visibility, faster settlements, and lower operational costs while maintaining a regulated framework.
Partnerships Involved BNB Chain: Provides the scalable, low-cost blockchain infrastructure for token deployment and ecosystem liquidity.
DigiFT: A Singapore-based licensed tokenization platform that handles on-chain issuance and distribution previously tokenized the fund on Solana in August 2025.
This builds on CMBI’s prior RWA efforts, expanding from Solana, Ethereum, Arbitrum, and Plume to BNB Chain for broader APAC reach. This launch underscores the accelerating adoption of real-world asset (RWA) tokenization in Asia, particularly in Hong Kong’s RWA-friendly regulatory environment.
Despite reports of China’s securities regulator advising mainland brokerages to pause some Hong Kong RWA projects due to market overheating concerns, this initiative highlights CMBI’s focus on compliant, institutional-grade products.
BNB Chain’s head of business development, Sarah Song, noted it “reinforces BNB Chain’s ambition to become the tokenisation layer for all assets,” enabling global investor access.
The announcement has generated buzz on X with former Binance CEO CZ posting a concise “?? + BNB” referencing China Merchants Bank in Chinese, which garnered over 1,700 likes and 38,000 views in hours.
Other posts emphasize the DeFi potential and bullish signals for $BNB, which is trading around $1,190 up 30% recently but holding key support levels. This development signals growing institutional confidence in blockchains like BNB Chain for high-value assets, potentially paving the way for more TradFi migrations to Web3.
Real-world asset (RWA) tokenization involves converting traditional assets—such as real estate, bonds, funds, or commodities—into digital tokens on a blockchain. This process bridges traditional finance (TradFi) and decentralized finance (DeFi), offering several benefits.
Assets like money market funds or real estate are often illiquid, with high minimum investments or long lock-up periods. Tokens (e.g., CMBMINT, CMBIMINT) can be traded or used in DeFi protocols (like Venus or ListaDAO on BNB Chain) 24/7, enabling faster access to capital and broader market participation.
Fractional ownership lowers entry barriers, allowing smaller investors to access high-value assets. TradFi settlements (e.g., T+2 days for fund transactions) are slow and involve intermediaries, increasing costs.
Blockchain enables near-instant settlements real-time on BNB Chain with minimal fees, reducing reliance on custodians or clearinghouses. This lowers operational costs for issuers like CMBI and investors.
Asset portfolios often lack real-time visibility, with periodic reporting delaying investor insights. Blockchain’s immutable ledger provides real-time tracking of asset holdings, transactions, and portfolio performance. Investors can verify data on-chain, increasing trust and reducing fraud risk.
Traditional assets are siloed, limiting their use in dynamic financial ecosystems. Tokenized RWAs can be used in DeFi for lending, borrowing, or yield farming. For example, CMBI’s fund tokens can be staked in protocols on BNB Chain, generating additional returns while maintaining regulatory compliance.
Access to high-value funds is often restricted by geography, investor accreditation, or banking infrastructure. Blockchain enables global investors accredited, in CMBI’s case to subscribe using fiat or stablecoins, broadening the investor base and democratizing access within regulatory frameworks.
TradFi assets face rigid regulatory structures, slowing innovation. Tokenized assets can operate within regulated environments (e.g., Hong Kong’s RWA-friendly framework) while leveraging blockchain’s flexibility.
MegaETH Launches Public ICO on Cobie’s Sonar Platform
MegaETH, the ultra-high-throughput, low-latency EVM-compatible Layer 2 blockchain project, is set to launch its public Initial Coin Offering (ICO) on Sonar—the public token sale platform developed by crypto influencer Cobie (Jordan Fish) under his Echo investment ecosystem.
This marks a significant shift for MegaETH from its prior private and community funding rounds to broader public participation, aligning with the resurgence of compliant ICO models in 2025.
Developed by MegaLabs, this “real-time” Ethereum L2 aims for 100,000+ TPS with sub-millisecond latency. It previously raised $20M in a seed round June 2024 backed by Vitalik Buterin, Cobie, and Dragonfly Capital, followed by a $10M community round on Echo in December 2024 that sold out in under 3 minutes to 3,200+ investors across 94 countries.
The project’s token is expected to be $MEGA, with mainnet and Token Generation Event (TGE) targeted for December 2025. Sonar: Launched in May 2025 by Echo founded by Cobie in March 2024, Sonar is designed for “ICO 2.0″—public token sales with built-in compliance tools.
Unlike traditional ICOs, it emphasizes fair distribution, no management fees, and customizable mechanics. Its debut sale was for Plasma ($XPL), which raised $50M at a $500M FDV and later saw 25x+ gains, setting a high bar for hype.
Echo has facilitated over $100M in raises for 30+ projects like Ethena, Monad, Initia since launch, making Sonar a go-to for community-driven funding. While MegaETH hasn’t issued an official announcement yet a teaser site briefly went live on October 15 before being pulled.
~$500–550M FDV, based on the February 2025 Fluffle Round 1 early NFT-based allocation for “Fluffle” holders. Not specified, but comparable to Plasma’s $50M; expect heavy oversubscription given MegaETH’s track record.
Participation Mechanics: Deposits: USDT (ERC-20) into a MegaETH vault on Ethereum. 10% discount for 1-year token lockup (mandatory for US participants). Social media engagement (e.g., X activity), GitHub contributions, and linked wallets. Fluffle NFT holders may get priority allocations.
This ICO taps into the 2025 “ICO meta,” where projects like Plasma delivered massive returns like $XPL’s 30x post-launch. MegaETH’s focus on real-time performance positions it as a top contender in the L2 race alongside Monad, potentially driving ecosystem growth.
Community sentiment on X is electric, with speculation of “20x–30x” upside from a $1K investment.Expect an official MegaETH announcement soon—monitor @megaeth_labs and @echodotxyz. If you’re eligible, register on Sonar promptly.
Comparison of Coinbase and Binance Listing Models
Coinbase and Binance, two leading centralized cryptocurrency exchanges, have distinct approaches to token listing models, shaped by their business strategies, user bases, and philosophies.
Coinbase does not charge listing fees, as emphasized by Jesse Pollack, head of Coinbase’s Base protocol, in October 2025. This stance positions Coinbase as a “transparent” platform, appealing to projects seeking cost-free listings.
Instead of listing fees, Coinbase relies heavily on trading fees 0.4%–0.6% for most trades on its platform, though discounts apply for high-volume traders. This aligns with its focus on generating revenue post-listing through user trading activity.
While Coinbase touts free listings, critics argue it offsets costs through high trading fees or stringent requirements that favor established projects, potentially limiting access for smaller tokens.
Binance employs a flexible model that may involve fees, security deposits like up to $2M in BNB, refundable, or airdrop requirements (e.g., up to 10% of token supply). CZ clarified in October 2025 that fees are not mandatory; strong projects are listed for free, while weaker ones may face costs to deter scams.
Binance uses listing-related fees when applied to fund ecosystem tools like Binance Academy or marketing. It also earns from trading fees 0.1% or lower with BNB discounts and has diverse revenue streams (e.g., futures, staking).
Binance faces accusations of “extractive” practices, with critics citing high deposit demands or airdrop requirements as barriers for smaller projects. CZ counters that these measures protect users from low-quality tokens.
Coinbase has a rigorous, transparent listing framework, requiring projects to meet legal, compliance, and technical standards for regulatory adherence, robust code audits. Applications are submitted via a public portal, and listings are evaluated based on demand, innovation, and alignment with Coinbase’s mission to advance crypto adoption.
Highly selective, often favoring established or high-profile projects (e.g., Ethereum, Solana). Smaller projects may struggle to meet Coinbase’s criteria, leading to accusations of gatekeeping despite the no-fee model.
Coinbase publishes listing criteria and decisions, aiming to maintain trust and regulatory compliance, especially as a U.S.-based public company.