Asset manager tokenization tracker: who has put funds on chain

The tracker

The table below catalogues the tokenized funds and share classes launched by major traditional asset managers and banks. AUM is the distributed on-chain value reported by RWA.xyz on its asset pages, accessed October 6, 2026. Launch dates are those recorded by RWA.xyz or stated in the issuer or partner announcement. Where RWA.xyz does not track a product, AUM is shown as not tracked rather than estimated.

Concentration: two managers hold half the market

Across the twelve managers with measurable on-chain AUM, the combined total is $8.98B. Franklin Templeton leads with $2.47B, 27.5% of the tracked total, split between the retail-accessible BENJI ($760.5M) and the institutional, BVI-domiciled iBENJI ($1.71B). BlackRock’s BUIDL follows at $2.25B (25.1%). Together the two account for 52.6%. WisdomTree’s WTGXX ($1.23B, 13.7%) lifts the top three to 66.3%.

Below that tier the curve flattens quickly. Janus Henderson’s two Anemoy funds on Centrifuge ($935.2M combined), J.P. Morgan’s JLTXX ($677.7M), Invesco’s USTB ($568.5M) and ChinaAMC’s digital money fund ($554M) each sit between 6% and 11% of the tracked total. Everything else, including State Street, Apollo, Fidelity, UBS and Hamilton Lane, sums to $289.8M, or 3.2%.

Concentration at the product level is also visible in holder counts. BUIDL reports 106 holders and JLTXX just 4, versus 1,127 for BENJI and 914 for WTGXX. Large balances in the institutional products appear to come from a small number of allocators, often crypto-native treasuries and stablecoin issuers using the funds as reserve or collateral assets. That makes reported AUM sensitive to individual flows: JLTXX fell 15.4% and FDIT 30.6% over the 30 days to early October, according to RWA.xyz.

Money funds dominate, credit is still a sliver

Of the $8.98B tracked, $8.29B (92.3%) sits in government money market funds or short-dated Treasury bill vehicles. Only three credit products from traditional managers carry meaningful on-chain balances: Janus Henderson’s AAA CLO fund JAAA ($590.6M), Apollo’s ACRED ($95.2M) and Hamilton Lane’s HLSCOPE ($4.3M), a combined $690.1M or 7.7%. KKR’s 2022 private equity feeder on Avalanche remains an early proof of concept and is not tracked by RWA.xyz.

The reason is product fit. A $1.00 NAV money fund with daily liquidity behaves like a yield-bearing cash token, which is what on-chain users need for stablecoin reserves, exchange collateral and treasury management. The 2026 launches reinforce the pattern. J.P. Morgan’s JLTXX is a Rule 2a-7 government money fund with a $1M minimum; State Street and Galaxy’s SWEEP is explicitly designed to let institutions park stablecoins in a yield-bearing fund with continuous movement in and out; Fidelity International’s USD Digital Liquidity Fund and Schroders’ SOAR share class are both money funds. The manager-led cash products tracked here equal 55.9% of RWA.xyz’s $14.82B tokenized Treasury category on October 6, 2026, with crypto-native issuers such as Circle (USYC, $2.40B) and Ondo (USDY, $2.29B) making up much of the rest.

Multi-chain is the default for scale

The largest products are also the most widely distributed. BUIDL runs on nine networks and its largest balance is now on Solana (953.9M tokens), with Avalanche (483.3M) and Ethereum (443.4M) behind it, plus Aptos, BNB Chain, Optimism, Tempo, Arbitrum and Polygon. BENJI is on eight chains, though Stellar still holds 522.7M of its tokens. WTGXX and JAAA are each on eight networks, JTRSY on seven or more and ACRED on seven.

The exceptions are new or bank-native products. JLTXX, FDIT and uMINT are deployed only on Ethereum, and SWEEP launched on Solana alone with Ethereum and Stellar listed as planned. iBENJI is a two-chain product, but 1.53B of its 1.71B tokens sit on BNB Chain, which shows how a single distribution relationship can define a fund’s chain mix. The pattern so far suggests managers start on one network for a controlled launch and add chains as distribution partners ask for them.

Platform models: in-house, transfer agent or bank rails

Three operating models are visible. Franklin Templeton, WisdomTree and Fidelity tokenize on their own transfer agency and platforms. BlackRock, Apollo, Hamilton Lane and KKR route through Securitize as tokenization agent; Janus Henderson works with Anemoy on Centrifuge; Invesco sits behind Superstate’s USTB. Banks are building their own rails: J.P. Morgan uses Kinexys for its own fund and is also the platform for Schroders’ SOAR share class, UBS uses UBS Tokenize, and Goldman Sachs and BNY mirror money fund shares from five managers on GS DAP through LiquidityDirect. That last model keeps the official record off chain at BNY and is not visible in public-chain trackers.

What to watch

• Whether the 2026 entrants, JLTXX, SWEEP and Fidelity International’s fund, scale beyond a handful of holders, and whether SWEEP adds Ethereum and Stellar as planned.
• Whether Schroders’ SOAR share class goes live with disclosed chains and AUM, and whether more European managers follow with UCITS tokenized share classes.
• Growth in non-cash products. JAAA shows that a high-grade credit fund can reach $590.6M on chain; Apollo and Hamilton Lane remain far smaller.
• Further chain additions to BUIDL and BENJI, which have set the template for multi-chain distribution.

Methodology

Scope: tokenized funds or share classes where a traditional asset manager or bank is the manager, sub-advisor or named platform owner. Crypto-native issuers (Circle, Ondo, Superstate’s own funds, OpenEden) are excluded from manager totals but referenced for context. Invesco is included for USTB because RWA.xyz lists Invesco Capital Management as its asset manager.

Data: AUM figures are the distributed on-chain values on individual RWA.xyz asset pages, accessed October 6, 2026; the pages were dated October 5 or 6, 2026, except FDIT, uMINT and SWEEP, whose pages did not display a date and are treated as current at access. The ChinaAMC figure is from the RWA.xyz tokenized Treasuries list (October 6, 2026). Chain lists reflect token supply shown by RWA.xyz; token counts are not converted to dollars for non-$1 NAV funds. Launch dates come from RWA.xyz or the cited announcements; for SWEEP, the announcement date (May 5, 2026) and RWA.xyz launch date (May 13, 2026) differ and the month is shown.

Computations: manager totals, shares of total, the money fund versus credit split and the share of the $14.82B tokenized Treasury category were computed in Python from the figures above. Chart bars are scaled to Franklin Templeton’s $2.47B; bars under 1% are shown at the minimum width of 1 for visibility.

Limitations: products marked not tracked (Fidelity International, Schroders, abrdn, Goldman Sachs and BNY mirrored tokens, KKR) have no public on-chain AUM that we could verify and are excluded from totals, so the $8.98B figure understates manager activity. Permissioned and private-chain products are not captured. AUM moves daily with subscriptions and redemptions. This report is for information only and is not investment advice.

Sources

• RWA.xyz, tokenized US Treasuries dashboard (as of Oct 6, 2026)
• RWA.xyz, BlackRock BUIDL asset page (as of Oct 6, 2026)
• RWA.xyz, Franklin BENJI asset page (as of Oct 6, 2026)
• RWA.xyz, Franklin iBENJI asset page (as of Oct 5, 2026)
• RWA.xyz, J.P. Morgan JLTXX asset page (accessed Oct 6, 2026)
• RWA.xyz, Janus Henderson JAAA asset page (as of Oct 6, 2026)
• CoinDesk, State Street and Galaxy launch SWEEP (May 5, 2026)
• Ledger Insights, Fidelity International tokenized MMF with Sygnum (May 14, 2026)
• Markets Media, Schroders secures approval for tokenised share class (Aug 6, 2026)
• Goldman Sachs, BNY and Goldman Sachs tokenized MMF solution (Jul 23, 2025)