Six of the largest asset managers in the world now operate tokenized fund products on public blockchains, collectively representing approximately $6 billion in on-chain assets under management. The latest entrant, New York Life Investment Management ($807 billion AUM), announced on June 29, 2026 ...
"We believe blockchain technology can modernize how assets are issued, transferred and settled." — New York Life Investment Management, press statement on Centrifuge partnership, June 29, 2026
Six of the largest asset managers in the world now operate tokenized fund products on public blockchains, collectively representing approximately $6 billion in on-chain assets under management. The latest entrant, New York Life Investment Management ($807 billion AUM), announced on June 29, 2026 a tokenized U.S. high-yield corporate bond fund built on Centrifuge infrastructure, with subscriptions and redemptions settled in USDC. The product marks the first insurance-affiliated asset manager to bring a high-yield fixed-income strategy on-chain.
The competitive landscape has consolidated around two infrastructure providers — Securitize and Centrifuge — with Coinbase taking an equity stake in Centrifuge in May 2026 to designate it as its preferred tokenization backbone on Base. Meanwhile, Grove launched a $1 billion daily liquidity facility in May 2026 to solve the redemption lag problem that had constrained institutional adoption.
Tokenized real-world assets (excluding stablecoins) reached $31.76 billion by mid-June 2026, up approximately 300% year-over-year from $6.6 billion. Tokenized U.S. Treasuries alone account for $14.79 billion across 82 products and 65,729 holders. The six-player institutional fund race now extends beyond Treasuries into private credit, high-yield bonds, equities, and money market instruments.
The tokenized fund market is no longer an experiment run by crypto-native firms. Six traditional asset managers — each with hundreds of billions in AUM — now operate competing on-chain products:
| Manager | Traditional AUM | Product | Asset Class | |---------|----------------|---------|-------------| | BlackRock | $11.5T | BUIDL | U.S. Treasuries / Money Market | | Franklin Templeton | $1.6T | BENJI (FOBXX) | U.S. Government Money Market | | JPMorgan AM | $3.0T | JLTXX / MONY | U.S. Treasuries / Money Market | | Apollo Global | $733B | ACRED | Private Credit / Diversified Credit | | Janus Henderson | $382B | JTRSY (Anemoy) | U.S. Treasuries | | New York Life IM | $807B | TBD (Centrifuge) | High-Yield Corporate Bonds |
Combined traditional AUM of these six firms exceeds $18 trillion. Their collective tokenized fund AUM, while a fraction of that figure, has grown from near-zero in early 2024 to approximately $6 billion in mid-2026.
The entry of New York Life is significant for two reasons. First, it is the largest U.S. mutual life insurer by assets, meaning its asset management arm operates under insurance-grade regulatory and fiduciary requirements. Second, it is the first major entrant to tokenize high-yield corporate bonds rather than the lower-risk Treasury and money market instruments that have dominated the space.
BlackRock's USD Institutional Digital Liquidity Fund remains the largest tokenized fund by a wide margin. Issued through Securitize with BNY Mellon as custodian, BUIDL operates across nine blockchain networks. It was accepted as collateral on Binance in November 2025 and became tradable on Uniswap in February 2026. The fund holds 101 institutional holders and invests in short-term U.S. Treasury securities.
The Franklin OnChain U.S. Government Money Fund (FOBXX), marketed as BENJI, is deployed across nine public blockchains: Stellar, Ethereum, Polygon, Avalanche, Arbitrum, Aptos, Base, Solana, and BNB Smart Chain. AUM grew from $828 million at the end of Q1 2026 to $1.98 billion by April 29, 2026. Franklin Templeton was the first U.S.-registered fund manager to issue tokenized fund shares, launching on Stellar in 2021.
JPMorgan Asset Management launched the OnChain Liquidity-Token Money Market Fund on Ethereum on May 13, 2026, seeded with $100 million from JPMorgan itself and Anchorage Digital. The fund invests exclusively in U.S. Treasury securities and overnight repurchase agreements. It uses JPMorgan's Kinexys Digital Assets platform to mint and burn share tokens. JLTXX is JPMorgan AM's second tokenized fund, following MONY (launched December 2025), and was designed specifically to support stablecoin issuers under the GENIUS Act's reserve requirements.
Apollo Global Management and Securitize launched the Apollo Diversified Credit Securitize Fund in January 2025 across six blockchains: Aptos, Avalanche, Ethereum, Ink, Polygon, and Solana. ACRED provides tokenized access to Apollo's diversified global credit strategy spanning corporate direct lending, asset-backed lending, and structured credit. The fund carries a $50,000 minimum and 2% management fee. A distinguishing feature: holders can mint a secondary token (sACRED) usable as collateral on DeFi lending protocols, bridging the gap between institutional credit and decentralized finance.
The Anemoy Treasury Fund, managed by Janus Henderson and tokenized by Centrifuge, holds approximately $1.1 billion in U.S. Treasury assets. Janus Henderson has simultaneously invested in Ethena Labs (ENA token) and entered distribution discussions around USDe, the synthetic dollar. A tokenized S&P 500 exposure product (deSPXA) developed with Centrifuge and S&P Dow Jones Indices offers 24/7 equity index access on-chain.
New York Life Investment Management's partnership with Centrifuge will tokenize its U.S. High Yield Corporate Bond Strategy. The fund is the MacKay High Yield Corporate Bond strategy, managed by New York Life's fixed-income subsidiary MacKay Shields. Subscriptions and redemptions will settle in USDC. AUM and launch date have not been disclosed.
The institutional tokenized fund market runs primarily on two infrastructure providers, each with distinct competitive positioning.
Securitize serves as the issuance and transfer agent for BlackRock's BUIDL and Apollo's ACRED. The firm operates as a registered transfer agent with the SEC and broker-dealer through Securitize Markets. Its platform handles KYC/AML, investor onboarding, and secondary market transfers. Securitize has processed the largest single tokenized fund (BUIDL at $2.9 billion) and operates across multiple chain deployments.
Centrifuge powers the tokenized funds for Janus Henderson (JTRSY), Apollo (via separate integration), S&P Dow Jones Indices (deSPXA), and now New York Life. Centrifuge's total value locked reached $1.66 billion by mid-2026. In May 2026, Coinbase designated Centrifuge as its preferred tokenization backbone on Base, taking a seven-figure equity stake on top of its 2022 Coinbase Ventures position. Centrifuge holds the third-largest share in tokenized Treasury bills ($1.5 billion), behind Circle and Securitize.
The infrastructure competition is not winner-take-all. Both providers participate in Grove's Basin liquidity facility, suggesting the plumbing layer is converging toward interoperability rather than exclusivity. Grove's initial launch partners include both Securitize (BlackRock BUIDL) and Centrifuge (Janus Henderson JTRSY).
Tokenized funds market 24/7 availability and near-instant transfers on-chain, but a persistent gap remains: redemptions. When an investor exits a tokenized fund, the underlying assets — U.S. Treasuries, corporate bonds, or money market instruments — still settle through traditional financial rails, which operate on T+1 or T+2 settlement cycles and only during business hours.
This creates what practitioners call the "redemption lag" — an investor can request redemption at 2 a.m. on a Saturday, but may wait until Tuesday afternoon for the stablecoin payout. For institutional allocators accustomed to same-day liquidity in traditional money market funds, this lag is a material deterrent.
Grove launched Basin on May 14, 2026 to address this problem. The facility provides up to $1 billion in committed daily stablecoin liquidity, advancing USDC to redeeming investors against approved redemptions while the underlying fund processes settlement through standard channels. Launch partners include BlackRock and Janus Henderson as asset managers, Securitize and Centrifuge as infrastructure providers, and Anchorage Digital, Galaxy Digital, and FalconX as institutional distribution connectors.
Basin operates as a credit facility: it fronts liquidity and is repaid when the fund's traditional-rail redemption settles. The model introduces a new intermediary layer — effectively a market-maker for tokenized fund liquidity — that did not exist six months ago.
New York Life's decision to tokenize a high-yield corporate bond strategy rather than a Treasury or money market fund represents a structural expansion of what asset classes are deemed suitable for on-chain issuance.
The existing tokenized fund universe skews heavily toward low-risk, low-volatility instruments. U.S. Treasuries and government money market funds comprise the vast majority of the $6 billion in institutional tokenized AUM. These are natural first candidates: standardized, highly liquid, well-understood by regulators, and straightforward to custody.
High-yield corporate bonds are different. They carry credit risk, are less liquid, and require active portfolio management. The MacKay Shields team that will manage the underlying strategy operates a full credit research platform evaluating individual corporate issuers. This is not a passive index product.
The choice of USDC for settlement also carries implications. Unlike BUIDL (which can serve as collateral) or ACRED (which mints a secondary collateral token), the New York Life product as announced appears structured as a straightforward subscription/redemption vehicle. Whether DeFi integrations follow remains to be seen.
New York Life's insurance heritage matters. As a mutual life insurer (not publicly traded), the company operates under state insurance regulatory frameworks that impose strict capital and reserve requirements. If an insurance-regulated entity deems on-chain fund distribution acceptable, it may lower the perceived regulatory risk for other insurance-affiliated asset managers considering similar products.
The tokenized RWA market has undergone rapid expansion:
Within this market, key segments break down as follows:
| Segment | AUM (mid-2026) | Growth Trend | |---------|----------------|--------------| | Tokenized U.S. Treasuries | $14.79B | Dominant segment, 82 products | | Tokenized Private Credit | ~$12B | Steady institutional growth | | Tokenized Stocks | $1.68B | Fastest growth (39% in 30 days) | | Other (bonds, commodities, real estate) | ~$3.3B | Nascent, expanding |
The $6 billion in institutional tokenized funds from the six major asset managers represents roughly 19% of the total tokenized RWA market, but these products carry outsized significance due to their brand recognition, regulatory compliance, and distribution networks. BlackRock alone manages $11.5 trillion in traditional assets; even a 0.1% migration to tokenized formats would represent $11.5 billion.
Industry projections vary widely. Boston Consulting Group has estimated the tokenized fund market could reach $600 billion by 2030. Standard Chartered has projected $30 trillion in tokenized assets by 2034. These figures remain speculative; the current trajectory suggests material growth but the $30 trillion figure would require regulatory frameworks that do not yet exist in most jurisdictions.
Six major asset managers with combined traditional AUM exceeding $18 trillion now operate tokenized fund products, collectively managing approximately $6 billion on-chain.
New York Life's June 29 announcement marks the first insurance-affiliated asset manager to tokenize high-yield corporate bonds, expanding on-chain fund offerings beyond the Treasury and money market instruments that have dominated the space.
Two infrastructure providers — Securitize and Centrifuge — serve as the issuance layer for nearly all institutional tokenized funds. Coinbase's May 2026 equity stake in Centrifuge signals exchange-infrastructure vertical integration.
The redemption lag problem received a partial solution with Grove's $1 billion Basin facility, which advances stablecoin liquidity against pending redemptions. Both Securitize and Centrifuge participate.
Tokenized RWA (excluding stablecoins) reached $31.76 billion by mid-June 2026, up 300% year-over-year. Institutional fund products account for roughly 19% of this total.
Asset class expansion is accelerating. The market has moved from Treasuries (2021-2024) to money markets and private credit (2024-2025) to high-yield bonds, equities, and structured products (2026).
The tokenized fund market has moved past the proof-of-concept stage. Six firms with $18 trillion in combined traditional assets are now competing for on-chain market share, supported by infrastructure providers that are themselves becoming strategic assets — as evidenced by Coinbase's equity investment in Centrifuge.
The remaining constraints are structural, not conceptual. Redemption liquidity, regulatory clarity across jurisdictions, and the absence of a unified cross-chain standard for tokenized fund shares are real friction points. Grove's Basin addresses the first; the GENIUS Act and MiCA frameworks are working on the second; the third remains unsolved.
New York Life's entry into high-yield bond tokenization is the most recent data point in a progression that has been consistent in its direction: larger managers, riskier asset classes, more chains, more infrastructure. The $6 billion in institutional tokenized AUM is a small number relative to the $18 trillion these firms manage. What matters is the direction of the curve, not its current position.
New York Life's $800B asset manager makes tokenization debut with Centrifuge fund — CoinDesk, June 29, 2026. Primary source for New York Life announcement.
Coinbase taps Centrifuge as preferred tokenization backbone, takes equity stake — CoinDesk, May 5, 2026. Coinbase-Centrifuge partnership details.
Grove Launches Basin with up to $1 Billion in Daily Liquidity — BusinessWire, May 14, 2026. Grove Basin facility launch details.
J.P. Morgan Asset Management Launches Second Tokenized Money Market Fund on Ethereum — PR Newswire, May 13, 2026. JLTXX launch and fund structure.
Apollo and Securitize Announce Partnership and Launch Tokenized Access to Credit Fund — Securitize, 2025. ACRED fund details and six-chain deployment.
Franklin Templeton BENJI: The $1.01B Pioneer in On-Chain Government Money Funds — Tokenised ETFs, 2026. BENJI AUM and multi-chain deployment data.
BlackRock, Janus Henderson tokenized funds get instant redemptions with new $1 billion facility — CoinDesk, May 14, 2026. BUIDL and JTRSY redemption facility.
RWA Tokenization 2026: $31B Market, Stocks Surge, Liquidity Gap — SpotedCrypto, 2026. Market sizing and segment breakdown.
Q1 2026 Real World Asset Tokenization Market Report — InvestAX, 2026. Q1 market data and growth trajectory.
New York Life Unifies Global Asset Management Platform Under New York Life Investment Management Brand — New York Life, February 2026. Corporate structure and AUM data.