Federated Hermes: Plans to launch on-chain fund shares next year, joining the Wall Street asset tokenization wave

The asset management company Federated Hermes, with a management scale of $911 billion, plans to launch its first on-chain fund shares early next year, further participating in Wall Street's push to bring traditional assets on-chain.

Federated Hermes has partnered with digital securities infrastructure company Prometheum to introduce blockchain-based fund shares into traditional brokerage accounts and financial advisor channels. The company has not yet disclosed the specific types of tokenized funds and the blockchain network used, but its head of digital asset products and platforms, Kevin Barr, indicated that money market funds may become one of the first tokenized products.