Ultimate Guide to Tokenized Fund Architecture for Banks and Fintechs

Оригинальный автор：On The Block (by Espeo Software)

Первоисточник：https://www.youtube.com/embed/-Kqkrzh2jZk

Tokenized funds are often presented as a simple blockchain story. They are not. Behind every serious tokenized fund sits a much bigger operating model: transfer agents, administrators, custodians, pricing logic, liquidity rules, compliance controls, wallet permissions, redemption workflows, and internal records that define what is legally true. In this episode of On the Block, we break down what banks, fintechs, and financial infrastructure teams should actually learn from three major tokenized fund models: BlackRock BUIDL Franklin Templeton BENJI / FOBXX Superstate USTB Instead of asking which fund is biggest or which blockchain is winning, we focus on the architecture decisions that really matter when building or supporting tokenized funds in production. We look at: ➡️ Why tokenized fund architecture is not mainly a blockchain problem ➡️ How BUIDL, BENJI, and USTB differ under the hood ➡️ Where the official shareholder record lives ➡️ Why NAV design changes the system requirements ➡️ How subscriptions and redemptions actually work ➡️ Why token transferability does not automatically mean instant liquidity ➡️ How fiat rails and stablecoin rails change the operating model ➡️ Why transfer agents, administrators, and custodians still matter ➡️ How minting, burning, freezing, reversing, and forced transfers are controlled ➡️ Why wallet permissions and investor eligibility are critical ➡️ What banks and fintechs need in their internal systems ➡️ Why reconciliation between blockchain state and internal books is non-negotiable ➡️ How to think about pricing, liquidity, and control design ➡️ Why the real source of truth is the most important architecture decision ➡️ What financial teams should learn before launching or integrating tokenized funds The key lesson is simple: tokenized funds are hybrid financial systems. The blockchain layer matters, but it is only one part of the full architecture. The real challenge is designing the operating model around ownership records, NAV, liquidity, redemptions, compliance, controls, and exception handling. At Espeo, we look at digital assets through a delivery lens: what is real, what is operable, and what can actually be integrated into production financial systems. Want to talk with Espeo Software about tokenized funds, digital asset infrastructure, fintech product development, blockchain integrations, or software delivery for regulated financial environments? 💬 Talk to our team: https://espeo.eu/contact/ 📂 See our case studies: https://espeo.eu/case-studies/ 🔔 Subscribe for more: https://www.youtube.com/@espeosoftware?sub_confirmation=1 🔗 Connect with Przemysław on LinkedIn: https://www.linkedin.com/in/przemyslawkoper/ 00:00:00 BlackRock, Franklin Templeton and Superstate tokenized funds 00:00:40 The three architecture decisions that matter 00:01:03 Why tokenized treasuries are still early 00:01:19 What banks and fintechs actually need to build 00:01:56 NAV, redemptions, liquidity and control design 00:02:00 Why tokenized fund architecture is an operating model problem 00:02:47 NAV explained 00:03:01 BlackRock BUIDL pricing model 00:03:27 Franklin Templeton BENJI / FOBXX model 00:03:53 Superstate USTB and continuous pricing 00:04:21 Why “instant” depends on the layer 00:04:33 BUIDL liquidity and redemption paths 00:05:03 BENJI’s traditional fund servicing model 00:05:32 USTB fiat, USDC and hybrid rails 00:06:00 Continuous pricing vs continuous liquidity 00:06:16 Where final control lives 00:06:20 Franklin Templeton and the transfer agent model 00:06:52 BUIDL, Securitize and BNY Mellon 00:07:18 USTB smart contracts and off-chain policy controls 00:07:41 The system design challenge most teams miss 00:07:50 Final comparison: BUIDL, BENJI and USTB 00:08:16 The real question for banks and fintechs 00:08:32 What not to copy from existing tokenized funds 00:08:45 NAV, redemption and source of truth 00:09:00 Final takeaway for tokenized fund architecture