Legal & General Brings £50 Billion ($68 Billion) in Funds On-Chain via Calastone

Apr 15, 2026

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.

Legal & General's £50 Billion Tokenization Initiative

▪Legal & General Asset Management offers money-market style funds as tokenized shares on the Calastone Tokenized Distribution Network.
▪Legal & General Asset Management's liquidity funds operate in U.S. dollars, euros and pound sterling.
▪Legal & General Asset Management investors can buy, hold and transfer tokenized units within a permissioned network designed for regulated access.
▪Legal & General Asset Management's liquidity funds aim to provide capital preservation, same-day settlement and yield.
▪Ross McDonald is a liquidity investment specialist at Legal & General Asset Management.
▪Legal & General Asset Management placed more than 50 billion pounds in liquidity funds on-chain through the Calastone Tokenized Distribution Network.

Calastone's Blockchain Distribution Infrastructure

▪Simon Keefe is head of digital solutions at Calastone.
▪Calastone's system manages token creation, order routing, trade aggregation and reconciliation.
▪The Calastone Tokenized Distribution Network uses blockchain infrastructure to handle issuance, trading and settlement.
▪Calastone's system links to existing fund administration systems.

Operational Benefits and Future Expansion Plans

▪Tokenized versions of Legal & General Asset Management's liquidity funds will launch on Ethereum and compatible blockchains.
▪Legal & General Asset Management announced the tokenization initiative on Wednesday, April 15, 2026.
▪Legal & General Asset Management plans to launch tokenized liquidity funds on more blockchain networks beyond Ethereum.
▪Legal & General Asset Management's tokenization of liquidity assets expands how investors can access short-term funds through digital platforms that require faster settlement and continuous availability.

Perspective of Legal & General Asset Management

▪Legal & General Asset Management's tokenization initiative modernizes liquidity funds that have existed for decades.
▪Legal & General Asset Management sees blockchain tokenization as meeting investor demand for faster settlement in liquidity funds.
▪Legal & General Asset Management views tokenization as expanding investor access to short-term funds through digital platforms.