Legal & General Asset Management says its liquidity funds are now available on SS&C’s Calastone Tokenised Distribution Network, bringing more than £50 billion of existing short-term cash products into a tokenised distribution format. The launch covers U.S. dollar, euro, and sterling funds and starts on Ethereum and EVM-compatible blockchains.

What changed

This is not a brand new crypto-native fund. L&G says it is offering tokenised share classes of existing liquidity funds through a permissioned network, while traditional distribution remains in place for investors who keep using the standard fund rails.

According to the company’s April 15 statement, authorised users can buy, hold, and transfer the tokens within a regulated framework. Calastone provides the underlying infrastructure for token creation, order routing, trade aggregation, reconciliation, and on-chain settlement functionality, while connecting to existing fund administration systems.

Why it matters

That operational detail is the real story. A lot of tokenization pilots stay separated from the back-office systems large asset managers already use. L&G and Calastone are framing this launch as a way to add blockchain-based distribution and faster digital transfer without forcing a full rebuild of the existing fund stack.

Money market and liquidity products are a logical place to start because they are already used for cash management, where settlement speed and operational efficiency matter. The conservative read is that L&G has tokenised distribution for regulated funds inside a permissioned network, not launched an open retail DeFi product. Even so, putting a £50 billion liquidity business into that format makes this a notable institutional tokenization move.