Why now
Tokenization of real-world assets has moved from pilot projects to live products, and some of the world's largest asset managers now run tokenized funds.
The value of tokenized real-world assets on public blockchains passed US$30 billion in 2026, about four times its level at the start of 2025. Almost three-quarters of asset managers surveyed by Calastone have started at least one tokenization project.
Luxembourg, Europe's leading fund centre, has adapted its laws so that fund interests can be issued and recorded on distributed ledgers.
Sources: rwa.xyz data, July 2026; Calastone research on asset manager adoption of tokenization.
How it works
You bring the strategy and the investors. We provide the fund, the management company and the token infrastructure.
Structure
A Luxembourg fund is established with Qurtuba Management as manager. The asset manager acts as investment adviser or delegate.
Tokenize
Fund interests are issued as permissioned tokens, with investor eligibility and transfer rules built into the token itself.
Onboard
Investors complete digital due diligence and subscribe. Tokens are issued only to verified holders.
Operate
Distributions, reporting and register updates run on-chain, aligned with the fund's legal records.
What it changes
For asset managers
- Digital onboarding and subscriptions
- Less administrative friction
- Access to digital distribution channels
- Flexible ticket sizes within applicable investor rules
For investors
- Digital access to real assets
- An always-current record of holdings
- Transfers between eligible investors where the fund documents permit
What stays the same
A tokenized fund is still a fund.
Governance, valuation, investor protections, depositary oversight and regulatory obligations apply exactly as they would to a conventional fund. Tokenization changes how interests are issued and recorded, not the rules that govern them.
Suited to
Real estate · Private equity · Fixed income · Agriculture · Digital finance
Questions
- Is a tokenized fund a crypto-asset?
- No. The tokens are a digital form of the fund's units or shares, governed by its documents and Luxembourg law. They are not cryptocurrencies.
- Can a fund offer both tokenized and conventional interests?
- Yes, where the fund documents provide for it.
- Who can invest?
- Professional and other eligible investors, as set out in each fund's documents.