Federated Hermes plans its first onchain fund shares

Federated Hermes, a $912 billion asset manager, is developing plans to issue fully onchain share classes for its money market funds. Unlike current beneficial ownership models, these shares would be recorded directly on a blockchain, eliminating the need for traditional ledger-based digital twins. The firm, which manages $676.9 billion in money market assets, is currently navigating the evolution of digital transfer agency models required to support this transition. Kevin Barr, appointed as Director of Digital Assets in May 2026, is leading the strategy to integrate these capabilities. The company has already established a foundation through its Digital Treasury Fund (OFFXX) and partnerships with Archax and Conduit Digital Holdings. These initiatives provide tokenized access to funds across Ethereum and Solana, serving as a testing ground for future onchain share issuance. While the roadmap is clear, the firm notes that full implementation remains dependent on maturing regulatory frameworks and operational infrastructure. This shift represents a significant institutional push to allow investors to hold money market exposure within the same digital environments as their other onchain assets.