UK asset management firm Legal & General tokenizes over £50 billion in liquidity funds

Techub News, according to CoinDesk, UK asset manager Legal & General has moved over £50 billion of its managed liquidity funds on-chain via Calastone's tokenized distribution network. This series of money market funds offers USD, EUR, and GBP currency options, issued as tokenized shares on blockchain infrastructure, supporting instant trading and same-day settlement. It is reported that investors can currently purchase, hold, and transfer tokenized shares within a licensed regulatory network. These funds were initially launched on Ethereum and compatible blockchains, with plans to expand to more networks in the future. Calastone's system handles token creation, order routing, and trade reconciliation, seamlessly integrating with existing fund management systems. L&G stated that this move aims to leverage digital platforms to broaden access to short-term funds, particularly meeting investor demands in terms of settlement speed and 24/7 availability.