Tessera CEO says investor rules, not blockchains, decide who holds tokenized assets
In brief
- Tessera CEO Chan Ahn says moving assets onchain doesn't automatically expand investor access.
- BENJI had 1,139 holder addresses and BUIDL had 101, per RWA.xyz figures cited by Ahn.
- Blockchain addresses don't necessarily correspond to individual investors, Ahn cautioned.
- Tessera has a commercial interest in tokenized-exposure structures like its T Tokens, Ahn acknowledged.
Two funds, two holder counts
Ahn, a former Goldman Sachs and JPMorgan executive, pointed to two tokenized money market funds (Franklin Templeton's BENJI and BlackRock's BUIDL) as examples of how eligibility rules shape participation. BENJI is available to eligible US investors with a $20 minimum for most accounts, and it had 1,139 holder addresses as of November 7, according to RWA.xyz figures Ahn cited. BUIDL is restricted to investors who meet additional qualification requirements. It had 101.
Ahn added a caveat.
He said blockchain addresses don't necessarily correspond to individual investors, and the differences between the two funds go beyond eligibility rules. Plenty of the friction sits in the plumbing: many funds use approved wallet lists to control transfers, while trading platforms can limit which applications and smart contracts interact with their infrastructure. Crypto Briefing noted that a November 2025 Bank for International Settlements report found wallet restrictions constrained direct ownership of tokenized money market funds.
"The ledger doesn’t decide who may hold the asset; the legal route it is sold under does" (Chan Ahn, founder and CEO of Tessera)
Issuers want a say too
According to Crypto Briefing, 67 companies, including Goldman Sachs, JPMorgan and SpaceX, objected to having their shares tokenized on the planned OKXICE trading venue.
Ahn said issuer-led tokenization could give investors ownership recorded on a company's shareholder register, rather than an entitlement held through an intermediary. It could also give issuers greater control over who holds and transfers the assets. He argued broader adoption could depend on shared wallet identity systems that let verified investors access multiple tokenized funds without separate compliance processes for each platform.
Tessera's own stake
Ahn isn't a neutral observer here, and he said as much. He acknowledged that Tessera has a commercial interest in these structures. The company's T Tokens provide economic exposure through tokenized loan participation rights rather than direct shareholder ownership. They settle on Solana and can move between wallets, although Tessera's terms exclude US investors and certain other jurisdictions.
Ahn said the company is exploring permissionless tokens that reference permissioned funds. He expects tokenization to keep growing on two tracks: inside regulated investment products, and through offshore instruments that offer economic exposure without direct shareholder rights.
Frequently asked questions
Why doesn't putting assets on a blockchain expand who can own them?
Tessera CEO Chan Ahn said securities regulations, issuer restrictions and platform controls still decide who can buy and hold tokenized instruments. Many funds use approved wallet lists to control transfers, and trading platforms can limit which applications and smart contracts interact with their infrastructure.
How do BENJI and BUIDL holder counts compare?
RWA.xyz figures cited by Ahn showed Franklin Templeton's BENJI, open to eligible US investors with a $20 minimum for most accounts, had 1,139 holder addresses as of November 7. BlackRock's BUIDL, which has additional qualification requirements, had 101. Ahn cautioned that addresses don't necessarily equal individual investors.
What are Tessera's T Tokens?
T Tokens provide economic exposure through tokenized loan participation rights rather than direct shareholder ownership. They settle on Solana and can move between wallets, but Tessera's terms exclude US investors and certain other jurisdictions. Ahn acknowledged the company has a commercial interest in these structures.
