Legal & General Tokenizes $68 Billion in Funds Through Calastone

Legal & General Asset Management oversees about £1.2 trillion in assets. Rather than moving all the underlying assets directly on-chain, it is adding permissioned tokenized shares to its liquidity funds. The structure gives traditional money-market funds access to blockchain-based settlement and distribution while preserving existing channels, reflecting growing adoption of tokenization infrastructure among major asset managers.

On April 15, 2026, Legal & General Asset Management said it was connecting more than £50 billion, or about $68 billion, of U.S. dollar, euro and sterling liquidity funds to Calastone’s tokenized distribution network. The tokenized shares will initially be issued on Ethereum and other EVM-compatible chains. Only authorized investors may buy, hold and transfer them, with same-day liquidity and on-chain settlement supported.