Abu Dhabi's Mubadala Capital and Coinbase partner on onchain fund tokenization initiative.
RWA & Tokenization ·
Mubadala Capital, the asset management division of Abu Dhabi's sovereign wealth fund, has rolled out a tokenized private markets strategy across multiple blockchains with backing from Coinbase. The strategy operates on Base, Solana, and Sui networks using infrastructure built by KAIO, a UAE tokenization specialist, and has accumulated roughly $75 million in onchain assets. Coinbase has taken a position in the fund on its own balance sheet, marking an instance of a publicly traded crypto firm holding a tokenized private markets product; the investment amount was not revealed.
The deployment reflects a broader shift among major financial institutions toward blockchain-based fund distribution. Firms including BlackRock, Franklin Templeton, Apollo, Fidelity, Janus Henderson, and Invesco have introduced or expanded tokenized offerings, typically centered on government bonds, money market funds, and private credit. Financial services analysts have projected that tokenized securities could expand to $5.5 trillion by 2030, while some estimates place total tokenized assets across all categories at $18.9 trillion by 2033.
The structure allows qualified investors access to Mubadala Capital's deal flow and co-investment opportunities through blockchain rails. KAIO manages issuance and administration of the tokenized version and currently hosts $144 million in tokenized funds for clients spanning Hamilton Lane, Brevan Howard, and Laser Digital. Details on governance arrangements and operational standards for this particular fund remain unpublished.