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Brazil's Securities Regulator CVM Advances Distributed Ledger Pilot for Tokenized Securities
According to Ledger Insights, the Brazilian Securities and Exchange Commission (CVM) is advancing a Distributed Ledger Technology (DLT) pilot program that will conduct simulated trading tests for tokenized securities, without involving real securities or investors. The test is led by the CVM Tokenization Working Group (GTT), will run for 60 days with a possible 30-day extension, and will cover the full lifecycle (from issuance to settlement) of assets including stocks, bonds, accounts receivable certificates, and investment fund shares. The trial aims to assess the technical, operational, and legal feasibility of DLT in capital markets, explore cross-network interoperability, and identify regulatory gaps, with the final outcomes potentially driving adjustments to relevant rules and legislation. The draft resolution remains pending approval from the CVM Board of Directors.
U.S. asset management firm Federated Hermes launches compliant digital Treasury money market fund
According to Ledger Insights, Federated Hermes—a U.S.-based asset management firm with $907 billion in assets under management—has announced the launch of the Federated Hermes Money Market Management Digital Treasury Fund, a money market fund compliant with the GENIUS Act’s stablecoin regulatory requirements. Primarily targeting stablecoin issuers, the fund is also open to institutional and retail investors. Its collateral assets have maturities of no more than 93 days, and its investment scope includes cash and U.S. Treasuries—highly liquid assets.
Related news
Brazil's Securities Regulator CVM Advances Distributed Ledger Pilot for Tokenized Securities
According to Ledger Insights, the Brazilian Securities and Exchange Commission (CVM) is advancing a Distributed Ledger Technology (DLT) pilot program that will conduct simulated trading tests for tokenized securities, without involving real securities or investors. The test is led by the CVM Tokenization Working Group (GTT), will run for 60 days with a possible 30-day extension, and will cover the full lifecycle (from issuance to settlement) of assets including stocks, bonds, accounts receivable certificates, and investment fund shares. The trial aims to assess the technical, operational, and legal feasibility of DLT in capital markets, explore cross-network interoperability, and identify regulatory gaps, with the final outcomes potentially driving adjustments to relevant rules and legislation. The draft resolution remains pending approval from the CVM Board of Directors.
Hong Kong plans to launch a wholesale central bank digital currency by year-end and test tokenized government notes.
According to Ledger Insights, the Hong Kong Monetary Authority plans to launch a wholesale central bank digital currency (wCBDC) by the end of 2026 through the EnsembleTX project to facilitate interbank settlement of tokenized deposits and enable round-the-clock payments. The project launched a live transaction pilot at the end of 2025, but initially relied on traditional instant payment settlement systems, with settlement times constrained by the operating hours of those systems.
U.S. asset management firm Federated Hermes launches compliant digital Treasury money market fund
According to Ledger Insights, Federated Hermes—a U.S.-based asset management firm with $907 billion in assets under management—has announced the launch of the Federated Hermes Money Market Management Digital Treasury Fund, a money market fund compliant with the GENIUS Act’s stablecoin regulatory requirements. Primarily targeting stablecoin issuers, the fund is also open to institutional and retail investors. Its collateral assets have maturities of no more than 93 days, and its investment scope includes cash and U.S. Treasuries—highly liquid assets.