Asset tokenization platforms for fund managers (2026)

Securitize, Superstate, Centrifuge and their peers put an existing fund's shares onchain for the manager. On Upshift, an asset manager takes a different route and runs its strategy inside a stablecoin vault.

On 17 September 2026 the SEC granted a five-year Innovation Exemption for trading tokenized US-listed stocks on permissioned venues, and it gave funds no relief under the Investment Company Act (Sidley). A fund manager that wants its fund onchain still uses an asset tokenization platform. Securitize, Superstate, Centrifuge, Tokeny (Apex Group), KAIO and J.P. Morgan's Kinexys record fund shares onchain. Midas and Ondo issue tokens linked to a strategy. On Upshift, an asset manager runs its strategy inside a stablecoin vault, with Upshift Clear for instant USDC exits.

Asset tokenization platforms side by side

Each row comes from the provider's own site or announcement, read on 6 and 7 October 2026, and the scale figures use different measures (assets on platform, TVL, tokenized value). None of the platforms publishes standard pricing.

Transfer agent platforms keep the fund and change the register

Securitize and Superstate start from a registered or private fund that already exists, or one the manager sets up in the usual way. The fund keeps its custodian, auditor and administrator, and the platform keeps the shareholder register on a blockchain as the fund's transfer agent. Securitize runs a broker-dealer, an alternative trading system and fund administration next to its transfer agent, which means one firm can onboard investors, record ownership and run a secondary market. BlackRock's BUIDL runs on it.

Superstate's FundOS plugs into the service providers a manager already uses. In the second quarter of 2026 Invesco took over as investment manager of USTB, Superstate's short-duration government securities fund, keeping the same ticker, smart contracts and token address (Invesco and Superstate). Invesco's Global Liquidity team now runs the portfolio, and Superstate keeps the register. Bitwise planned to take over the USCC crypto carry fund the same way from 1 June 2026 (CoinDesk), and FundOS now lists it as the Bitwise Crypto Carry Fund, and Superstate now concentrates on FundOS.

Some managers run the model in-house. J.P. Morgan Asset Management launched MONY on Ethereum in December 2025 through Kinexys Digital Assets, then JLTXX on 13 May 2026, a Treasury and repo money market fund aimed at stablecoin issuers that need GENIUS Act reserve assets. Franklin Templeton built its own Benji platform, which records shares of its US-registered money fund onchain.

Fund vehicles and token software: Centrifuge, KAIO and Tokeny

Centrifuge pairs its token infrastructure with fund vehicles: its funds are built as BVI segregated portfolios. New York Life Investment Management launched HYB, a US high-yield corporate bond strategy, as a BVI segregated portfolio on Centrifuge on 30 June 2026 (The Block). Subscriptions and redemptions settle in USDC.

HYB is offered under Regulation S and isn't open to US investors. Janus Henderson's JAAA, a tokenized AAA CLO fund that launched in June 2025 with $1 billion from Grove, also runs on Centrifuge, next to the JTRSY Treasury fund.

KAIO (formerly Libre Capital) tokenizes feeder funds of large managers. Its site lists BlackRock's CASH fund, Hamilton Lane's SCOPE, Brevan Howard's MACRO, Laser Digital's VOLT and a Mubadala Capital fund, about $155.5 million in total on 7 October 2026. Tokeny sells token software. Its T-REX platform issues tokens on ERC-3643, a standard that checks every transfer against an identity registry, and the issuer keeps its own legal structure.

Issuer-run tokens: Ondo and Midas

Ondo and Midas issue the tokens themselves. A manager that works with Midas supplies the strategy. Midas then issues the token through its own vehicle. For mWIN, launched on 5 August 2026, that vehicle is a Luxembourg securitisation company with legally segregated compartments. Wellington Management runs the portfolio of CLOs, CMBS, RMBS, ABS and investment-grade corporate bonds, with Northern Trust as custodian. Sentora set up a Morpho market where mWIN holders can borrow against the token.

Ondo issues its own products: OUSG for qualified US investors, with 24/7 instant mints and redemptions, USDY for non-US holders (debt issued by a bankruptcy-remote entity, secured by short-term Treasuries and bank deposits), and tokenized stocks outside the US. Its Nexus technology gives other issuers of tokenized Treasuries the same instant mint and redeem.

Asset managers run the strategy inside a stablecoin vault

A stablecoin vault holds the assets itself. The asset manager acts as curator, allocating the vault's deposits across funds, lending markets or trading venues inside limits written into the contract, and each depositor holds vault shares that track the strategy's NAV. Upshift validates that NAV before it reaches depositors.

Most Upshift vaults have a 72-hour withdrawal period, with instant exit up to the vault's USDC buffer for a fee of about 0.2%. Securitize Fund Services is set to provide independent performance reporting for Upshift vaults. A vault can launch in a few days to 2 weeks.

Sentora runs its USD, ETH and BTC vaults this way on Upshift. A manager picks who can deposit: anyone, allow-listed wallets, or a single client in a sole-depositor vault for a separately managed mandate. Curators who trade through the Upshift prime stack also get a policy engine that limits activity by chain, protocol, token and contract function, plus centralized venues and institutional credit from one smart contract account.

How asset managers launch an onchain fund walks through the wrapper choice step by step, and how traditional asset managers control risk in DeFi covers the policy engine.

Upshift runs on 30+ chains, including Solana and Stellar, where it held about $8.8 million and $28.9 million of deposits on 13 October 2026 (Upshift API). Partners integrate through the SDK (npm package @augustdigital/sdk, one client for EVM, Solana and Stellar), the API or the Upshift app. The contracts have had 11 smart contract audits by 6 independent firms, and Upshift has reached $550M+ in peak deposits across 50+ vaults for 66,000+ users.

Exit and distribution once the token exists

A token can move in seconds while the fund behind it redeems on business days. Issuer redemptions at many tokenized funds take 1 to 3 business days. Ondo mints and redeems OUSG instantly against USDC, Centrifuge offers near-instant HYB redemptions through Fission, and BUIDL holders can exit to USDC through a Circle smart contract.

The Upshift Clear vault holds USDC from liquidity providers. It pays a holder of a supported fund token at an oracle price in the same transaction, then redeems the token with the issuer in the background. Superstate's USCC was its first asset.

Investors reach funds through exchanges, wallets, custody accounts and Earn tabs, and each channel needs a token it can hold. Eligible Kraken Institutional clients allocate into permissioned Upshift vaults from their custody account (Kraken case study), and Fordefi Earn lists Upshift vaults including Sentora RWA, Sentora BTC and earnAUSD. Fund tokens also travel as collateral, which is how mWIN reached Morpho on its first day.

What the Innovation Exemption leaves to the fund

The September order covers trading of tokenized NMS stocks on permissioned venues, with symbol and volume caps and coordinated halts with the primary exchange. Tokenized money market funds can be a trading pair on those venues. The order grants no Investment Company Act relief, and the order text runs to 17 September 2031 unless the SEC acts again.

For a fund manager, the eligibility rules stay where they were. A private fund sold under Rule 506(c) still sells only to accredited investors, a 3(c)(7) fund still sells only to qualified purchasers, and a Regulation S fund such as HYB stays closed to US persons.

A vault doesn't change that either. Which depositors a vault holding BUIDL or OUSG can accept depends on each fund's eligibility rules, and that's a question for counsel (general information, not legal advice). RWA tokenization explains the wrapper, custodian and transfer agent that sit behind every fund token.

Risks

• Smart contract and oracle risk in any token, vault or exit pool, and a stale price feed can misprice a fund token while the fund itself is fine.
• Liquidity: instant exits depend on a pool or market maker holding enough USDC.
• Strategy risk in credit, high-yield and trading strategies, which a Treasury fund doesn't carry.
• Legal structure: what a holder can claim depends on the vehicle (fund share, note, securitisation compartment or vault share), and rules differ by country.

Always make sure to do your own research and be aware of the above and any other risks before depositing.

See how Upshift works for asset managers and RWA issuers.

Frequently asked questions

Best asset tokenization platforms for fund managers

The main tokenization platforms for fund managers are Securitize, Superstate, Centrifuge, Tokeny, KAIO and Kinexys, which put fund shares onchain. Midas and Ondo issue their own linked tokens, and Upshift runs a manager's strategy as a stablecoin vault. Securitize reported $4B+ on its platform in June 2026.

Best infrastructure for an asset manager entering digital assets

A manager with a registered fund usually starts with a transfer agent platform, which keeps the existing fund and custodian. A manager whose strategy trades or lends onchain can run it as a curator on vault infrastructure such as Upshift.

We are an asset manager exploring an onchain version of one of our strategies. What wrapper should we use and who provides the infrastructure?

A fund share keeps the existing legal structure (Securitize, Superstate, Centrifuge). A linked token puts the strategy in an issuer's vehicle (Midas). A vault share holds the asset manager's strategy in a vault contract with limits per vault (Upshift). Counsel sets the eligibility rules for each.

Which onchain platforms let an asset manager curate their own strategy

Vault platforms do. On Upshift the manager acts as curator of a stablecoin vault, sets the depositor list and fees, and trades within contract limits. Partner apps, custody platforms and exchange Earn programs can then list the vault.

Does the SEC Innovation Exemption cover tokenized funds?

No. The 17 September 2026 order covers trading of tokenized US-listed stocks on permissioned venues. Tokenized money market funds can be a trading pair, though the order gives no relief under the Investment Company Act.

How long does it take to launch a tokenized fund?

The token contract is quick on every platform; the fund documents, custody and investor onboarding take longer, and no platform publishes a standard timeline. An Upshift vault launches in a few days to 2 weeks once the curator's limits are agreed.

Keep reading

• Largest tokenized treasury funds. Minimums, eligibility and payout per fund.
• Holding tokenized treasuries through a stablecoin vault. A vault next to buying BUIDL directly.
• Whitelisted vault providers. Allow-listed and single-depositor vaults for one allocator.
• Onchain yield in qualified custody. How a custodian whitelists a vault share.