UK asset manager Legal & General Asset Management has tokenized £50 billion ($68 billion) worth of money market funds on blockchain infrastructure through Calastone's Tokenized Distribution Network, marking a major institutional adoption of blockchain technology. The liquidity funds, which operate in U.S. dollars, euros, and pound sterling, aim to provide capital preservation, same-day settlement, and yield to investors who can buy, hold, and transfer tokenized units within a permissioned network. The tokenized versions will launch on Ethereum and compatible blockchains, with plans to expand to additional networks. Legal & General announced the initiative on Wednesday, April 15, 2026, positioning blockchain tokenization as a way to modernize decades-old fund products and meet growing demand for faster settlement and continuous digital access.
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