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A competitive scramble among the world’s largest asset managers to launch tokenized funds is underway, with Bank of New York Mellon reporting that “FOMO”—fear of missing out—is driving rapid institutional adoption of blockchain-based fund infrastructure. The Tokenization Race According to Pantera Capital’s Q1 2026 report, 168 new tokenization assets launched in 2025 alone, an unprecedented pace of institutional engagement with blockchain technology. The momentum has continued into 2026, with major players racing to establish market position. The competitive landscape includes some of finance’s most established names: - BlackRock: BUIDL fund at $2.4 billion in assets
- Goldman Sachs: Operating blockchain infrastructure through GS DAP
- Fidelity Investments: Participating in multi-manager tokenized initiatives
- Franklin Templeton: Early mover in on-chain fund products
- Federated Hermes: Engaged in collaborative tokenization projects
- BNY Investments Dreyfus: Participating in integrated platform launches
A New Paradigm for Fund Distribution The attraction goes beyond technological novelty. Tokenized funds offer tangible operational benefits: - 24/7 settlement: Subscriptions and redemptions process continuously rather than at daily NAV cuts
- Fractional ownership: Investors can access funds with smaller minimums
- Automated compliance: Smart contracts can enforce eligibility requirements
- Global accessibility: Blockchain infrastructure crosses borders more easily than traditional custodial arrangements
- Reduced costs: Eliminating intermediary processes reduces operational expenses
The BNY-Goldman System A notable development has been the collaboration between BNY Mellon and Goldman Sachs to create the first US system where money market fund subscriptions integrate directly across both traditional and tokenized platforms simultaneously. Goldman Sachs runs the blockchain layer through its Digital Asset platform (GS DAP), while BNY provides custodial and settlement services. The launch was not a quiet pilot—BlackRock, Fidelity, Federated Hermes, Goldman Sachs Asset Management, and BNY Investments Dreyfus all participated from day one. Why the Urgency? Several factors explain the institutional rush: - First-mover advantages: Early entrants are establishing brand positioning in a new market
- Client demand: Institutional allocators increasingly expect blockchain-native options
- Competitive pressure: No major asset manager wants to be left behind
- Regulatory clarity: Improved frameworks reduce compliance risk for new products
- Infrastructure maturity: Tokenization platforms like Securitize have reached enterprise-grade reliability
Challenges Remain Despite the enthusiasm, tokenized funds face ongoing challenges: - Regulatory frameworks vary significantly across jurisdictions
- Integration with existing portfolio management systems requires investment
- Investor education remains necessary
- Questions around custody, insurance, and operational resilience persist
Tax Considerations For investors in tokenized funds, tax treatment questions include: - Whether blockchain-based fund shares receive equivalent treatment to traditional shares
- How continuous settlement affects holding period calculations
- Reporting requirements for blockchain-based investment positions
- Cross-border tax implications for globally accessible products
The emergence of tokenized fund infrastructure may eventually simplify certain tax reporting through automated record-keeping, but current implementations still require careful attention to compliance obligations.
If you have any queries relating to tokenized funds and institutional blockchain adoption or cryptocurrency and blockchain taxation more generally, then please do not hesitate to get in touch. The content of this article is provided for educational and information purposes only. It is not intended, and should not be construed, as tax or legal advice. We recommend you seek formal tax and legal advice before taking, or refraining from, any action based on the contents of this article.
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