Coinbase Plans Tokenized Money-Market Fund on Ethereum Following BlackRock's Success

Coinbase's asset management arm is planning to create a tokenized money-market fund, according to four people familiar with the plan.

This move follows the success of BlackRock's BUIDL fund, which has been a hot area in the crypto market. Securitize Markets, the distributor of BlackRock’s BUIDL fund, pitched the fund as having a yield of about 4.88% that accrues to the holder of record every calendar day.

The new tokenized money-market fund by Coinbase is expected to be built on Ethereum.

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