BNY: Asset managers exploring tokenized funds amid FOMO

FOMO, or the fear of missing out, is driving asset managers toward tokenized funds, according to BNY, the world's largest custodian bank. Ben Slavin, BNY's global head of ETFs, told CoinDesk that asset managers are exploring blockchain-based ETFs out of concern they might miss early opportunities in the tokenized finance market. He noted that many are eager to launch related products quickly, even though regulations are not yet fully established. Slavin expressed concern that tokenized versions of well-known ETFs are already trading on external platforms, often without the direct involvement of the fund managers. Despite these risks, he explained that asset managers believe it is more important to be proactive in tokenization than to wait for perfect regulatory clarity. Slavin added that BNY is currently reviewing various projects and methods to effectively tokenize ETFs.