Fund Tokenization Providers Compared: Who Takes Which Role, and Where the Register Lives

Securitize Corp. has traded on the NYSE as SECZ since 2 July 2026, after its merger with Cantor Equity Partners II closed on 1 July. Its second-quarter 2026 results list the four businesses it runs around a token. Securitize Markets is an SEC-registered broker-dealer that operates an alternative trading system (ATS), Securitize Transfer Agent an SEC-registered transfer agent and Securitize Capital an SEC-registered investment adviser. Securitize Fund Services serviced 663 active funds with $24.3 billion of assets under administration at 30 June 2026.

Securitize's transfer agent holds the official record on public chains. In its July 2026 registration statement, Securitize says it acts "as the official SEC-registered transfer agent for the majority of our customers" and uses "a public blockchain as the master securityholder file". Personal data stays "In our off-chain proprietary system", the filing adds. BlackRock's prospectus for BRSRV, its stablecoin reserve vehicle, says the same: Securitize Transfer Agent "maintains the official record of ownership of OnChain Shares on the public blockchains". The manager keeps the rest. At BUIDL's launch in March 2024, BlackRock was investment manager, BNY custodian and administrator, Securitize transfer agent and tokenization platform, and Securitize Markets placement agent.

In Europe, ESMA's list of DLT market infrastructures shows Securitize Europe DLT TSS, run by its Spanish investment firm Securitize Europe Brokerage and Markets under CNMV supervision, with permission from 26 November 2025. Securitize expected its first issuance there, on Avalanche, in early 2026. In September 2026 it still described a planned sports-equity project with Socios.com as "expected to become the first tokenization project" on that system.

BUIDL itself runs as 10 tokens on 9 networks, with Solana the largest leg, and Securitize issues on its own DS Protocol, whose DSToken is "a strict superset of ERC20". The rwa.xyz platform total of $4.35 billion across 39 assets includes about $949 million in one venture fund and about $255 million of Securitize's own tokenized stock. Some names that read as manager launches, such as the KKR and Hamilton Lane funds, are Securitize-run feeders into those managers' funds, at $4 million to $9 million each on the same listing.

Apex Group took a majority stake in Tokeny on 21 May 2025, in a deal that "will see Apex Group have 100% control over the next three years". The same release says Tokeny's solutions "have been used to tokenise over $32bn USD in assets", a cumulative figure. A search of the CSSF entity register for "Tokeny" returned no entity on 18 October 2026. Tokeny supplies the issuance and compliance software, and authorized firms, Apex among them, hold the administrator and transfer agent roles.

The clearest live case is Fasanara Capital's money market fund token, FAST, launched in January 2025 on Polygon PoS with ERC-3643; Apex, the fund's administrator, "uses Tokeny's blockchain-based platform for transfer agency management", and the fund's size is not published. SkyBridge announced $300 million across two hedge funds on Avalanche in August 2025. rwa.xyz now lists both as ERC-3643 tokens on Tokeny's platform, Legion Strategies at $217.9 million and Digital Macro Fund at $66.0 million on 18 October 2026. Each has one holder and is classed as "represented", meaning the chain serves as a recordkeeping layer rather than for investor transfers. The same listing adds Coinbase Asset Management's Bitcoin Yield Fund on Base at $18.9 million.

On the token itself, Tokeny's documentation says the NAV "is defined and managed by the issuers", and it sets out separate owner and agent roles for compliance settings and for handling subscription and redemption orders. ERC-3643 is a Final Ethereum standard co-authored by Tokeny's team, and its reference contracts are public, so a manager that leaves the platform can keep the standard. How it compares with ERC-1400 and a plain permissioned ERC-20 is set out in RWA token standards.

Kinexys is J.P. Morgan's blockchain business unit, part of J.P. Morgan Payments. Its live fund client in Europe is BlackRock: on 4 August 2026 BlackRock launched 12 OnChain share classes across six Irish UCITS money market funds of its Institutional Cash Series, minted on Ethereum through Kinexys. BlackRock says "the official shareholder register continues to be maintained via the fund's transfer agent infrastructure", and that Kinexys "acts as the translation layer between on-chain activity and the fund's transfer agent and traditional share register". The US$311 billion in the headline is the six funds' combined assets; BlackRock has not said how many shares are held as tokens.

J.P. Morgan Asset Management runs its own fund on the same rails. JLTXX, a 1940 Act government money market fund launched on 13 May 2026, is "the second fund to use J.P. Morgan's multi-chain asset tokenization solution", which rwa.xyz lists as the Kinexys Digital Assets platform, with $0.86 billion across two assets on 18 October 2026. JLTXX reported $628.5 million of net assets on 30 September 2026, with SS&C GIDS as transfer agent. Its October 2026 prospectus supplement says the transfer agent keeps the official record "in traditional book-entry form", adds Solana and limits holders to allowlisted wallets.

Schroders' SOAR, the next European client, is a tokenized share class of an Irish US dollar money market fund using Kinexys, with J.P. Morgan as the fund's existing transfer agent. It received Central Bank of Ireland approval in August 2026 as a digital twin share class, which keeps a traditional register beside a replica digital record.

Allfunds Blockchain is the digital innovation arm of Allfunds, the fund distribution platform, as Hamilton Lane's release below puts it. The regulated entity in the group is Allfunds Bank, S.A.U., a credit institution registered with the Bank of Spain under number 0011 and authorized by the CNMV to act as a broker and fund distributor.

Its live tokenized class is Hamilton Lane's Global Private Assets Fund (26 May 2026), available through the Allfunds platform and "supported by Allfunds Blockchain as the technology provider and Apex Group as transfer agent". BBVA Asset Management has committed to becoming first investor and initial exclusive distributor for institutional portfolios; chain and size are not disclosed. Earlier, BNP Paribas Asset Management issued natively tokenized shares of a Luxembourg money market fund on Allfunds Blockchain in May 2025, with BNP Paribas' Securities Services business as transfer agent. In both cases the transfer agent role sat with a separate firm, not with Allfunds Blockchain.

Deutsche Börse's recommended takeover of Allfunds won Allfunds shareholder approval on 12 March 2026, with completion expected in the first half of 2027.

Calastone runs a fund order-routing and settlement network that SS&C Technologies completed buying on 14 October 2025, when it had "4,500 clients in 58 countries and territories". Calastone states on its website that it "is authorised and regulated by the Financial Conduct Authority". Its Tokenised Distribution service lets a manager "tokenise any fund operating on Calastone's network" "without requiring asset managers to change how their funds are structured, administered, or serviced". Tokens mint and burn "in line with real-time subscriptions and redemptions", on networks that include Ethereum, Polygon and Canton.

The named live client is Legal & General: its USD, EUR and GBP liquidity funds went live on 14 April 2026, initially on Ethereum and EVM-compatible chains. Calastone provides "the underlying technology for token creation, order routing, trade aggregation, reconciliation and on chain settlement functionality", per the release. The "over £50 billion in liquidity assets" in that release is the size of the funds now offered in token form. Neither firm has published a token supply, and rwa.xyz does not list the tokens.

Spiko Finance is a French investment firm licensed by the ACPR under number CIB 19183. It is the platform behind SPIKO SICAV, a French UCITS created on 15 May 2024 with four sub-funds: US, EU and UK T-bill money market funds and the Spiko Amundi Overnight Swap Fund (SAFO). The May 2026 prospectus names Twenty First Capital (AMF GP-11000029) as management company, delegates SAFO's investment management to Amundi Asset Management, and appoints CACEIS Bank as depositary and custodian, CACEIS Fund Administration as administrative agent and PwC as auditor.

The prospectus says "Spiko Finance maintains control over the management of the shareholder register" and "relies on public Distributed Ledger Technologies (DLT)", naming seven ledgers. Orders "are cleared by Spiko Finance", which is also a distributor. Amundi's March 2026 release sets out the split for SAFO: "Amundi serves as SAFO's delegated investment manager, with CACEIS acting as depositary bank and fund administrator. Spiko acts as transfer agent, tokenization platform, and broker for the fund shares."

On 18 October 2026 rwa.xyz counted $2.83 billion across nine Spiko assets and about 18,400 holders, with SAFO's euro class at $1.69 billion and the EU T-bill fund at $638.7 million. Spiko raised a $90 million Series B led by New Enterprise Associates on 6 October 2026.

CACEIS is the asset servicing bank of Crédit Agricole, which has owned all of it since buying Santander's 30.5% stake in July 2025, and it has used the Crédit Agricole CACEIS brand since 1 October 2026 (reported by AziendaBanca). Its named tokenized classes are all for Amundi, which is 68.4% owned by the Crédit Agricole group, per Amundi's shareholder data at 30 June 2026. The first transaction in Amundi Funds Cash EUR's J28 EUR DLT (C) share class took place on 4 November 2025. The class uses the public Ethereum blockchain "to ensure transparent recordkeeping of fund units", and the fund "remains accessible in the traditional way". CACEIS "provides the technology and infrastructure for tokenizing fund units, digital portfolios for investors, and the digital order platform", a model its chief executive called a "new hybrid Transfer Agent service".

Crédit Agricole Assurances invested €100 million in that unit in October 2026, and the release presents the insurer, Amundi and CACEIS as three parts of one Crédit Agricole group. In June 2026 CACEIS acted "as the transfer agent and tokenization agent" for tokenized euro and dollar share classes of an Amundi short-term money market fund for Ant International. It is also depositary and custodian of Spiko's SICAV, and the Spiko prospectus above lists CACEIS Bank as a crypto-asset service provider authorized by the AMF on 23 June 2025.

On this route the manager keeps its transfer agent, depositary and administrator, and an engineering firm deploys the token and vault contracts on the chains the manager picks, then connects them to the register, the KYC provider and the custodian. Protofire is one such firm, as the disclosure above says. ERC-3643 is a Final standard for permissioned tokens, and its official contract suite now lives at github.com/ERC-3643 under GPL-3.0, since the older TokenySolutions repository was deprecated. ERC-7540, also Final, adds asynchronous deposit and redeem requests to ERC-4626 vaults, which fits funds that take orders to a cut-off and strike the NAV afterwards. Such a vault takes deposits in one ERC-20 token, its underlying asset, so a euro fund that settles subscriptions onchain in euros needs a euro token for that cash leg. Euro tokens with a white paper in ESMA's MiCA register differ on who may redeem directly and how fast payout comes, as our euro stablecoin comparison of seven of them sets out.

A build replaces the token vendor and leaves the regulated roles where they are. A UCITS still needs a single depositary under Article 22(1) of the UCITS Directive. In Luxembourg, the CSSF's tokenisation FAQ of 2 October 2026 keeps the registrar function with a UCI administrator, the licensed administrator of a Luxembourg fund, even where a control agent is appointed under Luxembourg's dematerialised securities law. It also lets the control agent use "a third-party service provider to obtain technical support", such as smart contract development. The CSSF expects that arrangement to be notified as an ICT third-party arrangement supporting a critical or important function under DORA, the EU's Digital Operational Resilience Act. In Germany, § 3 of the crypto fund units ordinance (KryptoFAV) makes the register keeper the depositary or a firm the depositary appoints that holds a crypto securities registrar license.

The build route suits a manager or transfer agent that wants the contracts and the choice of chains under its own control. Such a firm also has to pay for the build and its audit before the first token, and bring distribution and the operating work itself. A provider suits one that wants a licensed party and a list of live clients to point to from the first day.