Two Paths to Tokenized Funds: Ad-hoc vs Native

🤔 Old Funds vs New Money

By Enzyme Finance
Jun 16, 2025, 4:11 PM
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Two distinct approaches are emerging in the tokenized funds space:

  • Ad-hoc tokenization: Wrapping existing off-chain funds into on-chain wrappers via RWA platforms
  • Native tokenization: Building fully on-chain funds from inception with programmable features

Market projections are significant:

  • Citi forecasts $45T in tokenized securities by 2030
  • WEF estimates 10% of global GDP tokenized by 2027

The RWA tokenization market has grown 260% in H1 2025, reaching $23B.​ This growth is driven by increased regulatory clarity and institutional adoption.​

Learn more about tokenized fund infrastructure

Sources

Right now, everyone talks about tokenized funds, but there are two very different ways to build them. The first, and most common today, is ad-hoc tokenization: wrapping existing offchain funds into an onchain wrapper via RWA platforms. The second is building natively tokenized

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