PANews reported on October 2 that according to CoinDesk, Hong Kong stablecoin infrastructure company AlloyX announced that it has cooperated with Standard Chartered Bank and Polygon to launch a tokenized money market fund called RYT on the Polygon network. Standard Chartered Bank will provide asset custody services for the fund.

AlloyX, which was recently acquired by Hong Kong-listed Solowin Holdings, said RYT will initially be available only on the Polygon network, with plans to expand to other networks in the future.