Federated Hermes, a Pittsburgh-based investment manager overseeing $911 billion in assets, plans to issue its first tokenized fund share classes in early 2027 and is partnering with Prometheum to make them available through brokerages and financial advisers. Unlike past arrangements in which third parties tokenized its products, the firm intends to issue the tokenized shares itself, with money market funds as a likely starting point, according to digital asset director Kevin Barr. Prometheum will provide regulated brokerage, custody and clearing services, and Barr said access, rather than blockchain technology, has been a main barrier to adoption. The move follows BlackRock, Franklin Templeton, JPMorgan and New York Life, and Citi projects the tokenized securities market could reach $5.5 trillion by 2030.
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