Putting financial assets on a blockchain does not automatically make them available to every investor. According to Chan Ahn, founder and CEO of Tessera, the legal framework used to sell a tokenized instrument—not the blockchain ledger itself—determines who may buy, hold and transfer it.

Eligibility Still Shapes Access

Ahn, a former executive at Goldman Sachs and JPMorgan, pointed to Franklin Templeton’s BENJI and BlackRock’s BUIDL as examples of how investor rules affect participation. Both products use blockchain-based settlement, but their eligibility requirements differ.

• BENJI: Available to eligible U.S. investors with a $20 minimum for most accounts; it had 1,139 holder addresses as of Nov. 7.
• BUIDL: Subject to additional qualification requirements; it had 101 holder addresses during the same period.

The figures, cited from RWA.xyz, do not represent a precise count of individual investors because one person or institution may control multiple blockchain addresses. The funds also differ in ways beyond eligibility, meaning holder counts alone cannot explain their adoption.

“The ledger doesn’t decide who may hold the asset; the legal route it is sold under does,” Ahn said in written responses to Crypto Briefing.

Permissioned Rails on Public Networks

Restrictions can continue after issuance. Tokenized funds often rely on approved-wallet lists to govern transfers, while trading venues may limit which decentralized applications and smart contracts can interact with their infrastructure. A November 2025 report from the Bank for International Settlements similarly said wallet restrictions can limit direct ownership of tokenized money market funds.

The debate has also surfaced around the planned OKXICE trading venue. Sixty-seven companies, including Goldman Sachs, JPMorgan and SpaceX, have objected to having their shares tokenized on the platform.

Ahn said issuer-led tokenization could place ownership directly on a company’s shareholder register rather than represent an entitlement held through an intermediary. That structure could provide a clearer ownership record, but it may also give issuers more control over who can hold or transfer an asset.

He argued that shared wallet-identity systems could eventually allow verified investors to access multiple tokenized funds without completing separate compliance processes for every platform.

Tessera’s Solana-Based Model

Tessera is exploring the distinction through 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 Tessera’s terms exclude U.S. investors and certain other jurisdictions.

Ahn acknowledged Tessera’s commercial interest in the model and said the company is exploring permissionless tokens that reference permissioned funds. He expects tokenization to expand through both regulated investment products and offshore instruments that provide economic exposure without direct shareholder rights.

What This Means

For Solana, the discussion highlights that fast, low-cost settlement does not by itself remove regulatory friction. Tokenized assets may increase efficiency and portability while remaining gated by investor eligibility, identity systems and transfer controls. Broader adoption is therefore likely to depend as much on interoperable compliance infrastructure as on blockchain performance, with the market developing across both permissioned products and more flexible offshore structures.