Legal & General Asset Management Tokenizes $68 Billion in Funds via Calastone Network
UK asset manager puts $68 billion of funds on-chain via Calastone token network
Coindesk
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Legal & General Asset Management, a UK-based asset manager, has transitioned over £50 billion (approximately $68 billion) in liquidity funds onto the blockchain through Calastone's Tokenized Distribution Network. This move aims to enhance accessibility and enable faster settlement for investors in U.S. dollars, euros, and pounds.
- 01Legal & General Asset Management has tokenized over £50 billion in liquidity funds.
- 02The funds are now available on Calastone's Tokenized Distribution Network.
- 03Tokenized shares enable same-day settlement and trading in multiple currencies.
- 04Investors can buy, hold, and transfer tokenized units within a regulated network.
- 05The initiative aims to improve efficiency and broaden access to short-term funds.
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Legal & General Asset Management, a prominent UK asset manager, has successfully moved over £50 billion (approximately $68 billion) of liquidity funds onto the blockchain via the Calastone Tokenized Distribution Network. This innovative step allows the firm to offer money-market style funds as tokenized shares, facilitating issuance, trading, and same-day settlement in major currencies including U.S. dollars, euros, and pound sterling. Investors can now buy, hold, and transfer these tokenized units within a permissioned, regulated network. The funds will initially launch on the Ethereum blockchain, with plans for compatibility with additional networks in the future. Ross McDonald, a liquidity investment specialist at Legal & General, emphasized the efficiency and reach enhancements that tokenized distribution brings. Simon Keefe, head of digital solutions at Calastone, noted that this launch illustrates how tokenization can enhance established fund structures while maintaining regulatory compliance.
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This development allows investors in the UK and beyond to access liquidity funds more efficiently, potentially leading to better investment opportunities.
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