Tokenised funds: from experimentation to production
BNP Paribas is transitioning from experimental blockchain pilots to the production-level issuance of tokenized money market funds. The firm has systematically evolved its capabilities since 2021, moving from initial digital bond investments to live fund tokenization on both private and public blockchains. Key milestones include successful issuances on Allfunds' private blockchain in Luxembourg and a February 2026 issuance on the public Ethereum blockchain via the AssetFoundry platform. BNP Paribas Securities Services now provides comprehensive support as a transfer agent, fund dealing service provider, and depositary bank to bridge traditional and digital asset workflows. By managing ownership registers on-chain and facilitating access for non-DLT-equipped investors, the firm aims to streamline distribution channels. This shift signifies a broader institutional commitment to a dual-model future where tokenized and traditional assets coexist within a unified service infrastructure. The focus is now on scaling these operations and onboarding new clients to leverage the efficiency of instant NAV-based settlement.