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Traditional financial giants are entering the tokenization space one after another, with BlackRock, Franklin, Morgan Stanley, and others making continuous moves.
On May 13, major global traditional financial giants are actively venturing into on-chain tokenized financial products. The global market size for tokenized real-world assets (RWA) has surpassed $30 billion, and the industry is moving from early experimental stages toward institutional-grade infrastructure, interoperability, and compliant on-chain financial systems.
Recent developments in the on-chain tokenization market are ongoing: BlackRock announced yesterday that it has submitted a new tokenized fund structure application to the U.S. SEC and has once again chosen Securitize to provide on-chain infrastructure support. The new structure will integrate on-chain fund ownership records with regulated transfer agents and investor access systems, connecting on-chain and traditional financial compliance systems.
Securitize stated that its subsidiary, Securitize Transfer Agent, LLC, will be responsible for maintaining the official ownership records of fund shares on the public blockchain, meaning that on-chain holdings data will directly enter the regulated fund registration system. This marks another step toward "regulated on-chain capital markets moving toward institutional-scale operation" and is seen as a further expansion following BlackRock’s success with BUIDL.
BUIDL is BlackRock’s first tokenized fund launched in partnership with Securitize in 2024. Its assets have now grown to approximately $2.3 billion and have become an important case of institutional adoption of tokenized finance.
Franklin Templeton has also announced a partnership with Payward, the parent company of crypto trading platform Kra, to jointly explore on-chain tokenization opportunities for traditional financial products. The collaboration will cover tokenized stocks, compliant custody, actively managed yield products, and providing institutional-grade crypto liquidity through KraOTC and Prime services. Both parties will focus on launching on-chain versions of Franklin Templeton financial products, including yield-oriented products for institutional clients, and may further open some products to Kra’s broader user base.
Kra previously launched a tokenized stock product, xStocks, which has accumulated over $30 billion in trading volume since its launch last year. On the other hand, Franklin Templeton has issued multiple crypto ETF products, launched a tokenized money market fund BENJI, and is working with Ondo Finance to develop on-chain financial products.
JPMorgan also plans to launch a second tokenized money market fund, JLTXX. On May 12, it submitted a filing for JPMorgan OnChain Liquidity-Token Money Market Fund (ticker JLTXX), which will issue digital tokens on the Ethereum blockchain. The fund’s underlying assets are a portfolio of U.S. Treasuries and repurchase agreements.