Baillie Gifford's BAGEY: A Native UK Tokenized Bond Fund on Ethereum and Solana

Key Details of BAGEY

How BAGEY Differs from Other Tokenized Products

Native issuance vs. wrappers: Most tokenized funds create a separate token that represents a claim on an underlying traditional fund (a "wrapper"). BAGEY issues the fund share directly onchain — when the token moves, ownership moves with it in real time, eliminating the risk of the token and the underlying asset falling out of sync .

Legal simplicity: Investors hold a direct, regulated fund interest rather than a tokenized claim from a separate intermediary vehicle, reducing counterparty risk and legal complexity .

Dual-chain launch: BAGEY is one of the first regulated funds to go live simultaneously on both Ethereum and Solana, reflecting a multi-chain rather than single-chain approach .

What This Launch Signifies for the RWA Tokenization Trend

Institutional mainstreaming: A 118-year-old, £286B asset manager choosing native onchain issuance over a wrapper validates the model for other large TradFi firms .

Regulatory comfort in the UK: The fund is UK-regulated, showing that the FCA's framework can accommodate fully onchain fund structures .

Shift in infrastructure model: BNY's role as custody and tokenization partner signals that major custodians are ready to support native digital fund issuance, not just administer wrapped tokens .

Copycat risk flagged: Within hours of launch, an unrelated token with the same ticker $BAGEY appeared on Solana with no verified link to the real fund — a reminder that onchain brand authenticity and verification infrastructure still need to catch up .