For pension funds, the real goal of tokenization is balance sheet management, not just 24/7 liquidity, says Fidelity’s Lai.
Tokenized products already exist, but mainly for investing. The most popular category is tokenized money market funds, primarily backed by U.S. Treasuries. The largest, BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), debuted in March 2024. This category now has over $15 billion in assets under management (AUM), with the broader market for on-chain real-world assets […]










