Tokenized assets remain restricted by investor rules despite onchain access, Tessera CEO says

Putting financial assets on a blockchain does not automatically expand investor access, as securities regulations, issuer restrictions and platform controls continue to determine who can buy and hold tokenized instruments, according to Chan Ahn, founder and CEO of Tessera.

“The ledger doesn’t decide who may hold the asset; the legal route it is sold under does,” Ahn, a former Goldman Sachs and JPMorgan executive, told Crypto Briefing in written responses.

Ahn pointed to Franklin Templeton’s BENJI and BlackRock’s BUIDL tokenized money market funds as examples of how eligibility requirements influence participation.

BENJI, which is available to eligible US investors with a $20 minimum for most accounts, had 1,139 holder addresses as of November 7, compared with 101 for BUIDL, which is restricted to investors meeting additional qualification requirements, according to RWA.xyz figures cited by Ahn.

He cautioned that blockchain addresses do not necessarily correspond to individual investors and that differences between the funds extend beyond eligibility rules.

The restrictions also affect how tokenized assets move across blockchain networks. Many funds use approved wallet lists to control transfers, while trading platforms can limit which applications and smart contracts interact with their infrastructure.

The Bank for International Settlements identified similar limitations in a November 2025 report, noting that wallet restrictions constrain direct ownership of tokenized money market funds.

Ahn’s comments come as 67 companies, including Goldman Sachs, JPMorgan and SpaceX, have objected to having their shares tokenized on the planned OKXICE trading venue.

He said tokenization led directly by issuers could provide investors with ownership recorded on a company’s shareholder register, rather than an entitlement through an intermediary. However, that approach could also give issuers greater control over who holds and transfers the assets.

Ahn argued that broader adoption could depend on shared wallet identity systems that allow verified investors to access multiple tokenized funds without requiring separate compliance processes for every platform.

Tessera is exploring this distinction through its T Tokens, which provide economic exposure through tokenized loan participation rights rather than direct shareholder ownership. The instruments settle on Solana and can move between wallets, although the company’s terms exclude US investors and certain other jurisdictions.

Ahn acknowledged that Tessera has a commercial interest in these structures and said the company is exploring permissionless tokens referencing permissioned funds.

He expects tokenization growth to continue both within regulated investment products and through offshore instruments that offer economic exposure without direct shareholder rights.