Chan Ahn, founder and CEO of Tessera, says access to tokenized securities continues to be determined by regulations, legal eligibility, issuer restrictions and platform controls rather than by assets merely being recorded on a blockchain. Franklin Templeton’s tokenized money market fund BENJI, available to eligible US investors, had 1,139 holder addresses, compared with 101 for BlackRock’s BUIDL, which imposes additional qualification requirements. Many funds use approved wallet lists, while trading platforms can restrict which applications and smart contracts interact with their infrastructure. These limitations hinder transfers across blockchain networks, while 67 companies, including Goldman Sachs, JPMorgan and SpaceX, have opposed tokenizing their shares on the planned OKXICE venue.
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