BlackRock, Inc.

Off-hours redemption is what separates a tokenized fund from a fund with a blockchain register. Only three products in coverage now offer genuine intraday exit, and it is becoming the primary axis of competition, ahead of yield.

Roughly 31% of the anchor fund's AUM is a single downstream allocator, not an end investor. Market-size figures that count both products separately double-count this exposure: a concrete example of why the platform reports look-through concentration alongside headline AUM.

A single registered transfer agent now sits behind the majority of US tokenized fund AUM in coverage. This is the category's most concentrated single point of dependency, and it is an operational rather than a credit exposure, worth a standing line in any diligence memo.

Collateral eligibility is the real prize: it converts a tokenized fund from a yield product into working capital. Every basis point of yield disadvantage becomes irrelevant if only one product is accepted as collateral, so watch which funds appear in these pilots rather than which lead on yield.

First production collateral use outside a pilot. This is the mechanism by which tokenized funds displace bank deposits for corporate liquidity, and it accrues to the largest, most liquid product rather than the highest-yielding one.

The structural template for the category: offshore professional fund, registered transfer agent on-chain, bank custodian off-chain. Every large US product launched since has copied at least two of the three legs.