SS&C Moves Toward Digital Cash Settlement for Tokenised Funds

SS&C, the largest third-party transfer agent for mutual funds with more than $45 trillion in assets running on its technology, has announced it is developing support for regulated digital cash to settle tokenised fund transactions. The initiative follows SS&C’s acquisition of fund distribution platform Calastone, completed last year for just over $1 billion, bringing one of the asset management sector’s earliest blockchain adopters into the group.

The plans are at an early stage: no specific stablecoins or tokenised deposit networks were named in the announcement. The strategic logic centres on atomic settlement and delivery-versus-payment mechanics, which compress settlement risk and reduce friction in cross-border investment flows. The direction mirrors moves elsewhere in the market, including Franklin Templeton‘s existing acceptance of USDC for tokenised fund subscriptions, and the recently announced plan by Japanese securities firms Daiwa and SBI to use stablecoins to settle transactions by Singapore residents investing in Japanese tokenised assets.

The path to execution is complicated by the uneven global readiness for digital cash. In the United States, stablecoin regulation has reached clarity under the GENIUS Act, though multibank tokenised deposit solutions from The Clearing House, Cari, and Hazel have yet to launch, even as single-bank offerings from BNY, Citi, and JP Morgan are already live. In the United Kingdom, where Calastone is headquartered, the stablecoin framework has only recently been finalised, and the multibank tokenised deposit initiative known as GBTD is targeting a 2027 launch. SS&C’s multi-jurisdictional footprint means it will need to sequence its digital cash integrations to match each market’s regulatory and infrastructure maturity.