SkyBridge Tokenizes $300M Hedge Funds on Avalanche Blockchain

SkyBridge Capital, the investment firm founded by Anthony Scaramucci, has announced plans to tokenize $300 million worth of its hedge funds on the Avalanche blockchain. This initiative involves the Digital Macro Master Fund and Legion Strategies, and is being facilitated through Tokeny and its parent firm Apex Group, which oversees assets exceeding $3.5 trillion. The tokenization uses the ERC-3643 standard and is supported by Apex’s Digital 3.0 platform [1]. The move is part of a broader trend in institutional finance, with the tokenized real-world assets market growing to over $26 billion in the past year [1].

This development highlights the increasing integration of blockchain technology into traditional financial systems. By tokenizing these assets, SkyBridge aims to enhance transparency, liquidity, and accessibility for investors, showcasing the potential for blockchain to reshape investment structures [1]. VERT Capital and Securitize have also announced similar initiatives, further indicating a shift toward tokenization as a mainstream financial tool [1].

Meanwhile, Wyoming has launched its Frontier Stable Token, marking it as the first fully-reserved stablecoin issued by a U.S. public entity [1]. The token is over-collateralized by 2%, backed by U.S. dollars and short-term U.S. treasuries. It is being deployed across seven major blockchains and will be accessible via Wyoming-based exchange Kraken and Visa-integrated card platform Rain [1]. This move aligns with the recent enactment of the GENIUS Act, which provides a regulatory framework for stablecoin issuance in the United States [1]. Wyoming has partnered with LayerZero, Fireblocks, and Franklin Advisers to manage the token’s development and reserve backing [1].

The Frontier Stable Token’s launch is part of a broader push to integrate blockchain into public finance. The state has already tested real-time government contractor payments using Avalanche, and industry forecasts suggest that stablecoins could grow into a trillion-dollar market in the coming years [1].

In another major development, Bullish, the parent company of CoinDesk, has received $1.15 billion in proceeds from its initial public offering—entirely in stablecoins [1]. This marks the first time in U.S. public markets that such a transaction has been settled in digital assets. The majority of the tokens were issued on the Solana network and settled in USDC, with Coinbase acting as custodian [1]. Additional tokens were sourced from a range of issuers, including Circle, PayPal, Ripple, Paxos, and World Liberty Financial, among others [1].

This transaction reflects the increasing role of stablecoins in global financial infrastructure. Jefferies, the investment bank managing the process, oversaw the minting, conversion, and delivery of the stablecoins, highlighting the growing institutional confidence in blockchain-based settlement [1]. Bullish’s CFO emphasized that stablecoins represent one of the most transformative use cases for digital assets, particularly for global fund transfers and liquidity management [1].

These developments underscore a broader trend of financial institutions and governments embracing blockchain technology. Tokenization is enabling new levels of transparency and efficiency in asset management, while stablecoins are proving to be a viable alternative to traditional settlement mechanisms [1]. As regulatory frameworks continue to evolve, such as with the implementation of the GENIUS Act, the convergence of traditional finance and blockchain appears to be accelerating, signaling a new era for digital asset integration in mainstream financial systems [1].

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[1] The Crypto Roundup: 20 August 2025 | CryptoCompare.com (https://www.cryptocompare.com/email-updates/daily/2025/aug/20/)