Mubadala Capital Goes Onchain: $75M Tokenized Private Fund Live Across Base, Solana, and Sui

Abu Dhabi’s Mubadala Capital has tokenized one of its evergreen private-market funds and deployed it simultaneously across three blockchains — Base, SSOL$73.99▼2.60%, and Sui — with roughly $75 million in onchain value at launch, according to The Defiant. The tokenized offering was built with tokenization firm KAIO. Coinbase is set to add exposure to the fund, making this one of the largest multi-chain institutional real-world-asset deployments on record.

KAIO had already tokenized over $200 million in assets before this launch. The broader tokenized asset market hit $23 billion in mid-2025, per Cryptopolitan, and the pace of institutional entries has been picking up sharply. Mubadala Capital — an Abu Dhabi-headquartered asset manager with deep sovereign ties — is the latest and arguably the most prominent name to cross over.

The fund runs an evergreen private-market strategy: no fixed end date, ongoing subscriptions and redemptions. That structure fits tokenized access neatly, because it sidesteps the liquidity wall that trips up closed-end vehicles when investors try to exit onchain. Mubadala Capital framed the move in blunt terms. “Mubadala Capital is leaning into the future of how real-world assets can be tokenized and made globally accessible without compromising…” the firm said in a newsroom post dated Dec. 9, 2025.

Most tokenized fund launches pick one chain and stay there. Mubadala and KAIO went live on Base — Coinbase’s EETH$1,864.44▼1.30% Layer 2 — plus Solana and Sui at the same time, CoinTrust reported. Those three chains carry different throughput profiles, settlement models, and investor bases. Spreading across all three is a deliberate bet on fragmented liquidity — rather than waiting for one ecosystem to pull ahead, the fund plants a flag in each.

Coinbase’s planned addition of exposure, flagged by KAIO per The Defiant, is the distribution angle that makes this more than a headline. Getting a fund onchain is the easy part. Getting it in front of the investors who actually hold capital has been the persistent bottleneck for tokenized private-market products. Exchange-level access changes that equation. Without it, a tokenized fund is largely visible only to investors already comfortable with self-custody wallets and direct contract interaction — a narrow slice of the addressable market.

The partnership aims to raise accessibility for institutional and accredited investors, according to the Mubadala Capital newsroom. How much of that accessibility converts into real inflows depends on regulatory clarity in each jurisdiction where the tokens are offered, and on whether the onchain representation of fund interests holds up under legal scrutiny. There’s a gap between a token representing a beneficial interest and one carrying enforceable redemption rights — that’s where most of the legal complexity in tokenized private-market funds actually sits, and it remains largely untested at scale.

UUSDT$0.9992▲0.00%, the issuer of the largest stablecoin by market cap, led an $8 million strategic funding round in KAIO in April 2026, alongside other crypto and institutional investors, CoinDesk reported. That round came after the Mubadala launch — Tether backed KAIO once it had already proven it could execute a multi-chain institutional deployment, not before. Tether’s involvement also ties the tokenization push directly to the stablecoin rails that underpin most onchain settlement. It’s a natural adjacency. It also means a small number of firms now hold significant sway over the RWA stack.

The market backdrop for the launch is choppy. Solana — one of the three chains hosting the fund — is currently trading at $75.56, down 2.44% over the past 24 hours, with a market cap of $44.04 billion. The broader crypto market cap stands at $2.30 trillion, off 0.88% on the day. The Fear & Greed Index sits at 28, deep in fear territory. BBTC$64,124.00▼1.00% is at $65,058, down 0.83% over 24 hours. Ethereum is at $1,886, down 1.92%. Tether (USDT) — the third-largest crypto asset by market cap at $184.02 billion — trades at $0.9993.

The $75 million launch figure is modest against Mubadala’s broader AUM. Nobody should mistake it for a full-scale rollout. What it does is establish a proof-of-concept on three live chains simultaneously, with a named sovereign-linked asset manager on the tin — and that’s a different kind of signal than the smaller, less-pedigreed tokenization experiments that have populated this space for the past two years. The multi-chain architecture, specifically, pushes back against the assumption that institutional issuers will wait for one dominant chain to emerge before committing.

The next concrete thing to watch: whether Coinbase follows through on adding exposure, and on what terms. A direct token listing, a wrapped representation, and a fund-share integration each carry different implications for who can actually access the product and how. That structure will determine whether the Mubadala-KAIO fund reaches investors outside the existing onchain-native population — or stays a closed-loop institutional experiment that looks better in a press release than in a cap table.