Federated Hermes plans its first onchain fund shares

Federated Hermes, one of the largest money market managers in the business, plans to issue its first fund shares that live directly onchain. For a firm with approximately $912 billion in total assets under management, that is a meaningful move. The plans are still developmental. Fully onchain share classes depend on how digital transfer agency models evolve, so this is a roadmap, not a launch date carved in stone. What Federated Hermes is building The core of the strategy is money market funds. As of June 30, 2026, Federated Hermes managed $676.9 billion in money market assets. An onchain share class would mean the share itself is recorded and transferred on a blockchain, rather than sitting in a traditional ledger with a digital twin floating alongside it. That is where transfer agents come in. These are the record keepers that track who owns which fund shares, and their models need to adapt before shares can fully migrate onchain. Leading the effort is Kevin Barr, who was appointed in May 2026 as Director of Digital Assets Product and Platform Strategy. A string of partnerships and a new fund In October 2025, Federated Hermes partnered with UK-based Archax. That arrangement gave ...