How others solve it
Secondary liquidity for fund tokens
Once you hold a tokenised fund share, how do you exit or move it without sitting through a conventional redemption cycle: transfer it peer-to-peer to another approved holder, sell it on a regulated venue, or lean on an always-on off-ramp?
By player
every cell sourced or markedBlackRock (BUIDL)
Mechanism
Tokens move wallet-to-wallet 24/7/365, but only between pre-approved investors on the fund's whitelist. Exiting without redeeming means finding another approved holder.[1]Licence / status
Exempt offering open to qualified investors subscribing through Securitize Markets as placement agent, with Securitize as transfer agent and tokenisation platform (March 2024).[2]Venue
No exchange listing. Circle's smart contract (April 2024) is the standing bid: a near-instant, 24/7 off-ramp swapping BUIDL for USDC, which Circle frames as a secondary-market transfer.[3]Franklin Templeton (BENJI)
Mechanism
Holders transfer BENJI shares peer-to-peer to other fund investors, enabled April 2024 on Stellar and Polygon.[1]Licence / status
FOBXX is the first US-registered mutual fund to use a public blockchain as its official record of share ownership, and pairs peer transferability with intraday yield, so shares keep earning while they move.[2]Venue
Distribution-led rather than venue-led: the Benji platform in-house, with MAS-licensed DigiFT appointed May 2026 to distribute BENJI to accredited and institutional investors across Asia.[3]Ondo Finance (OUSG)
Mechanism
Instant 24/7/365 mint and redeem in USDC against the fund stands in for venue trading. Tokens also transfer freely, but only between investors already onboarded to Ondo's qualified-access funds.[1]Licence / status
Open only to investors who are both accredited investors (SEC Regulation D Rule 501) and qualified purchasers under s2(a)(51) of the Investment Company Act; KYC onboarding gates who can hold or receive the token.[2]Venue
No venue. Exit is issuer-side instant redemption, capped at USD 50m globally and USD 25m per investor per rolling 24 hours, USD 5,000 minimum per transaction.[3]WisdomTree (WTGXX)
Mechanism
Existing peer-to-peer transfer rails plus 24/7 trading with instant settlement, announced February 2026 to remove T+1 delays on moving in and out of the fund.[1]Licence / status
SEC exemptive relief (February 2026) unlocking, in WisdomTree's words, secondary-market liquidity for registered tokenised fund shares for the first time under the Investment Company Act of 1940.[2]Venue
WisdomTree Connect, where WTGXX can be held in third-party and self-custodial wallets across Ethereum, Arbitrum, Avalanche, Base, and Optimism (April 2025).[3]Securitize (Securitize Markets)
Mechanism
The venue play: secondary trading of tokenised securities on its own ATS (alternative trading system) operated by broker-dealer Securitize Markets, alongside the whitelist transfer rails its sister transfer agent runs for issuers.[1]Licence / status
Broker-dealer authorisation now includes FINRA approval to custody tokenised securities (May 2026), stacked with the ATS and the registered transfer agent: the one-stop-shop pitch.[2]Venue
Securitize Markets ATS, which added Jump Trading as liquidity provider in May 2026 as its tokenised stock trading builds out.[3]DigiFT
Mechanism
A regulated exchange on public Ethereum where security tokens, including fund units, trade against automated market maker (AMM) liquidity rather than through bilateral transfers.[1]Licence / status
MAS Capital Markets Services (CMS) licence for dealing in capital markets products, plus Recognised Market Operator (RMO) status (December 2023) to operate an organised market for secondary trading of security tokens.[2]Venue
Its own Singapore exchange; appointed May 2026 to distribute Franklin Templeton's BENJI tokenised money market funds to accredited and institutional investors across Asia.[3]| Player | Mechanism | Licence / status | Venue |
|---|---|---|---|
| BlackRock (BUIDL) | Tokens move wallet-to-wallet 24/7/365, but only between pre-approved investors on the fund's whitelist. Exiting without redeeming means finding another approved holder.[1] | Exempt offering open to qualified investors subscribing through Securitize Markets as placement agent, with Securitize as transfer agent and tokenisation platform (March 2024).[2] | No exchange listing. Circle's smart contract (April 2024) is the standing bid: a near-instant, 24/7 off-ramp swapping BUIDL for USDC, which Circle frames as a secondary-market transfer.[3] |
| Franklin Templeton (BENJI) | Holders transfer BENJI shares peer-to-peer to other fund investors, enabled April 2024 on Stellar and Polygon.[1] | FOBXX is the first US-registered mutual fund to use a public blockchain as its official record of share ownership, and pairs peer transferability with intraday yield, so shares keep earning while they move.[2] | Distribution-led rather than venue-led: the Benji platform in-house, with MAS-licensed DigiFT appointed May 2026 to distribute BENJI to accredited and institutional investors across Asia.[3] |
| Ondo Finance (OUSG) | Instant 24/7/365 mint and redeem in USDC against the fund stands in for venue trading. Tokens also transfer freely, but only between investors already onboarded to Ondo's qualified-access funds.[1] | Open only to investors who are both accredited investors (SEC Regulation D Rule 501) and qualified purchasers under s2(a)(51) of the Investment Company Act; KYC onboarding gates who can hold or receive the token.[2] | No venue. Exit is issuer-side instant redemption, capped at USD 50m globally and USD 25m per investor per rolling 24 hours, USD 5,000 minimum per transaction.[3] |
| WisdomTree (WTGXX) | Existing peer-to-peer transfer rails plus 24/7 trading with instant settlement, announced February 2026 to remove T+1 delays on moving in and out of the fund.[1] | SEC exemptive relief (February 2026) unlocking, in WisdomTree's words, secondary-market liquidity for registered tokenised fund shares for the first time under the Investment Company Act of 1940.[2] | WisdomTree Connect, where WTGXX can be held in third-party and self-custodial wallets across Ethereum, Arbitrum, Avalanche, Base, and Optimism (April 2025).[3] |
| Securitize (Securitize Markets) | The venue play: secondary trading of tokenised securities on its own ATS (alternative trading system) operated by broker-dealer Securitize Markets, alongside the whitelist transfer rails its sister transfer agent runs for issuers.[1] | Broker-dealer authorisation now includes FINRA approval to custody tokenised securities (May 2026), stacked with the ATS and the registered transfer agent: the one-stop-shop pitch.[2] | Securitize Markets ATS, which added Jump Trading as liquidity provider in May 2026 as its tokenised stock trading builds out.[3] |
| DigiFT | A regulated exchange on public Ethereum where security tokens, including fund units, trade against automated market maker (AMM) liquidity rather than through bilateral transfers.[1] | MAS Capital Markets Services (CMS) licence for dealing in capital markets products, plus Recognised Market Operator (RMO) status (December 2023) to operate an organised market for secondary trading of security tokens.[2] | Its own Singapore exchange; appointed May 2026 to distribute Franklin Templeton's BENJI tokenised money market funds to accredited and institutional investors across Asia.[3] |
Empty cells are marked research-needed: that player’s approach has not yet been verified against a citable source. They are not blank facts or a claim that no mechanism exists.