A global survey by Calastone of asset managers and decentralised finance (DeFi) providers reveals a $235 billion opportunity for tokenised funds, driven by a powerful convergence between traditional asset management and DeFi. Asset managers are turning to tokenised distribution as their fastest route into digital assets, while DeFi platforms are seeking tokenised money market funds to manage their treasuries and retain investor capital. This alignment highlights tokenisation as the bridge between two financial ecosystems that have until now operated largely apart. Sentiment shows that asset managers overwhelmingly favour working with technology partners and digital distribution platforms to reach this new market, rather than building in-house capabilities or going direct to investors. The study also surveyed DeFi and Web3 platforms to understand demand for tokenised products. Key findings included: Around 80% believe tokenised MMFs could improve treasury management; About 50% expect their tokenised holdings will rise by at least 25% by 2030; Over 75%say tokenised MMFs could help them retain client assets, while 40% believe they could attract new investors. Key Takeaways: Tokenised fund AUM is projected to grow from $4 billion in 2024 to reach $235 billion by 2029, a 58-fold increase; Nearly a third (28%) of asset managers plan to distribute tokenised funds by 2030, up from 13% who plan to do so in 2026; Money market funds (MMFs)and private asset funds were the most favoured asset classes for tokenization; Nearly two-thirds (65%) of managers who have already launched a tokenised fund report benefits over traditional models – including automation, improved liquidity, and the ability to reach new investors.