Standard Chartered pilots early cash on tokenised fund

What did Standard Chartered announce?

Standard Chartered Bank (Hong Kong) Limited (SCBHK) announced a successful pilot with Ant International of a redemption liquidity facility for its investment in a tokenised money market fund. The announcement came on November 10, 2026.

The facility lets corporate clients access liquidity without waiting for the underlying fund settlement cycle to complete. It bridges the timing gap in fund redemption. The bank frames it as a way to make tokenised holdings more usable in corporate treasury work.

The bank's executive said: "Tokenisation is moving from innovation to real-world business value."

How does a redemption liquidity facility work?

A fund redemption takes time to settle. During that gap, the investor holds a claim but not cash. Standard Chartered says the facility gives interim access to funds while the investment's settlement cycle runs.

The bank supplies the cash up front. The fund proceeds arrive later, as usual. The arrangement bridges the period between the redemption request and receipt of the underlying proceeds.

Why does this matter for tokenized money market funds?

Tokenizing a fund puts its shares on a blockchain. It does not change the fund's own redemption timetable. Tokenising fund units does not eliminate the underlying fund's redemption cycle.

This pilot addresses that gap with bank balance sheet rather than new fund rules. Interim liquidity creates a financing requirement and credit risk that must be managed separately from the tokenised settlement process.

It follows earlier work between the two firms. They had previously enabled round-the-clock transfers of tokenised bank balances for treasury management. For the bank's tokenised deposit launch, see Standard Chartered launches tokenised deposits in Hong Kong.

Which fund and how much money is involved?

The public release does not say. One review of the announcement notes that the release names no fund, platform or size. The bank has not announced commercial availability or disclosed the facility's size.

Because no fund is named, we cannot say whether it sits in our count. Our count includes only funds whose token addresses the issuer publishes or confirms in writing.

How big is the on-chain market for these funds?

As of November 12, 2026, $12.08 billion in tokenized U.S. Treasury funds is on public blockchains, by The Migration by Concrete's count. That is 17 funds from 12 issuers, read directly from 20 blockchains. The total fell $0.26 billion (-2.1%) over 7 days, from $12.34 billion. See the full list on /treasuries and in our tokenized money market funds list.

These are the funds in our count that describe themselves as money market funds, with market cap as of November 12, 2026:

The largest fund in our count is Ondo's USDY, with $2.40 billion, or 19.8% of the total. BlackRock's BUIDL has a market cap of $1.66 billion. It already offers its own round-the-clock redemption route, covered in BUIDL gets 24/7 liquidity.

Counts differ across sources. Some include notes and vaults. Some count wrapper tokens on top of the fund they hold. We count only funds, and we never count the same dollars twice. For more, see why tokenized Treasury totals differ and how we count.

What to watch

• Whether Standard Chartered names the fund, the platform or the facility size.
• Whether the bank moves from a pilot to a commercial product. The bank also says it will keep exploring how digital assets can serve as collateral for broader financing, liquidity and treasury needs.
• Whether other banks offer similar bridge financing against tokenized fund shares.
• Our next update to /treasuries. Counts refresh every 6 hours.