Legal & General tokenizes £50B funds for blockchain settlement

Legal & General Asset Management tokenized over £50B in funds on Calastone’s blockchain, enabling same-day settlement and improved efficiency for investors across multiple currencies.

Legal & General Asset Management has transitioned over £50 billion (about $68 billion) in liquidity funds onto Calastone’s blockchain-based Tokenized Distribution Network. This strategic move allows investors to access, purchase, hold, and transfer tokenized money-market fund shares within a regulated, permissioned environment. Same-day settlement is available in USD, EUR, and GBP, enhancing operational efficiency. The tokenized funds are initially issued on Ethereum and other EVM-compatible networks, while traditional share classes remain accessible through existing channels. The underlying assets include high-quality, short-term instruments such as government bonds, bank deposits, and corporate debt, focused on capital preservation and liquidity. Calastone’s platform automates fund issuance, trading, and settlement, reducing reliance on legacy systems and improving transparency. This marks one of the largest blockchain commitments in traditional finance, expanding investor access to both traditional and tokenized assets.