Fasanara Capital is best known as an alternative asset manager (AUM $4.5bn) in the fintech lending sector. It securitizes private credit and last year was involved in tokenizing some private credit in collaboration with digital asset bank Sygnum and European SaaS lender float. Now it’s launching a tokenized money market fund (MMF), FAST, on the Polygon blockchain. Rather than targeting its usual client base – the institutional sector – it aims to reach the crypto sector – stablecoin issuers, Defi protocol treasuries and crypto funds. Hence, it will only be available to professional investors.
The tokenized money market fund is already a crowded space, but Fasanara wants to target a return of 4.7%, a tiny bit higher than what’s offered by most competitors. To do so, just half the fund will be in Treasury Bills. A fifth will be in longer dated Treasuries, 15% in other money market funds and 10% in commercial paper. Fasanara is quite familiar with the crypto space, as it has been involved in $140 billion of digital asset trading volume as a liquidity provider.
“By harnessing blockchain technology, we provide an innovative and compliant investment solution that enables seamless access to liquidity, real-time processing, and enhanced transparency – all while maintaining the rigor of traditional asset management practices,” said Francesco Filia, Fasanara founder and CEO.
High profile partners
For the MMF Fasanara has partnered with Apex as transfer agent, Tokeny for tokenization, Fireblocks for key management and wallet infrastructure, and Chainlink for automated NAV calculations, proof of reserve and cross chain interoperability. FAST will use Bermuda-based XBTO’s Stablehouse as custodian, a less high profile partner compared to the others. In the crypto world, speedy off and on-ramping is often desired. Hence, FAST will USDC and fiat settlement either same day or next day. However, same day settlement is at the asset manager’s discretion.
Meanwhile, yesterday stablecoin issuer Circle acquired Hashnote, the issuer of the largest tokenized money market fund, USYC.
