Wall Street Giant Guggenheim Tokenizes $20 Million of Commercial Paper on Ethereum

BlockBeats news, September 26, according to CoinDesk, financial services giant Guggenheim (Guggenheim Partners) subsidiary Guggenheim Treasury Services has issued $20 million in tokenized commercial paper on the Ethereum blockchain through the blockchain platform Zeconomy. A spokesperson for Guggenheim confirmed the transaction but did not comment further.

A few weeks ago, German industrial giant Siemens AG issued digital commercial paper through JPMorgan Chase's Onyx and blockchain platform SWIAT. The tokenization of traditional financial instruments, namely real-world assets (RWA), has become one of the hottest crypto areas that TradFi has recently entered. According to research firm RWA.XYZ, the market value of the RWA market has grown to $12 billion, including $2 billion in tokenized U.S. government bonds. RWA is a new direction for Guggenheim, which has up to $300 billion in assets under management (AUM), and Guggenheim has previously participated in the cryptocurrency ecosystem.