Legal & General Asset Management announced Wednesday that it placed the more than 50 billion pounds (roughly $68 million) in liquidity funds that it manages onchain through a new distribution channel built by Calastone.

“We are thrilled to make our liquidity funds available on the Calastone Tokenized Distribution Network,” said Ross McDonald, liquidity investment specialist at L&G. “Tokenized distribution provides meaningful enhancements in efficiency and reach.”

The U.K.-based firm said it now offers its money-market style funds as tokenized shares on the Calastone Tokenized Distribution Network, which uses blockchain infrastructure to handle issuance, trading and settlement.

The funds operate in U.S. dollars, euros and pound sterling and aim to provide capital preservation, same-day settlement and yield, the firm’s statement adds.

Calastone’s system manages token creation, order routing, trade aggregation and reconciliation while linking to existing fund administration systems. L&G said its investors are now allowed to buy, hold and transfer tokenized units within a permissioned network designed for regulated access.

L&G also explained that their tokenization of liquidity assets expands how investors can access short-term funds, especially through digital platforms that require faster settlement and continuous availability.

Tokenized versions of the funds will launch on Ethereum and compatible blockchains, with more networks planned, the firm said.

Simon Keefe, head of digital solutions at Calastone, said the launch shows how tokenization can apply to established fund structures “to enhance distribution, improve efficiency and broaden access within a controlled, regulated framework.”