Financial giant Guggenheim tokenizes $20 million commercial paper on Ethereum

ChainCatcher news, according to CoinDesk, financial services giant 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 occurrence of this transaction but did not provide further comments.

A few weeks ago, German industrial giant Siemens AG issued digital commercial paper through JPMorgan's Onyx and the blockchain platform SWIAT. The tokenization of traditional financial instruments, namely real-world assets (RWA), has become one of the hottest areas in the crypto space recently ventured into by TradFi companies. According to data from research firm RWA.XYZ, the market capitalization of this sector 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 this global investment firm has previously been involved in the cryptocurrency ecosystem.