According to Guggenheim Treasury Services, the product is the first digital version of commercial paper on the Ethereum network.
Guggenheim Treasury Services, a subsidiary of Wall Street giant Guggenheim Capital, has stepped into the blockchain space with the tokenization of $20 million in commercial paper on the Ethereum blockchain.
According to a Sept. 26 announcement, the product is the first digital version of commercial paper, which is a short-term, unsecured debt instrument used by companies to cover short-term obligations. It has received Moody’s highest credit rating of P-1.
Guggenheim Treasury is one of the largest platforms for asset-backed commercial paper (ABCP) managers. According to the company, it has issued and redeemed more than $10.3 trillion of ABCP over the past 27 years.
