CoinShares has launched the first commercial deployment of its OnChain Strategies business through a partnership with Safe Labs, the company behind Safe{Wallet}, and Railnet, Kiln’s on-chain infrastructure layer. In an investor press release dated 14 October 2026, the Jersey-listed digital-asset manager said Safe enterprise users can access CoinShares-managed stablecoin yield strategies while retaining ownership and control of their assets.
How the product is meant to work
CoinShares says the strategies combine decentralised-finance yields with yields from tokenised real-world assets (RWAs) inside one professionally risk-managed framework. Unlike exchange-traded products sold through brokers and advisers, OnChain Strategies are distributed through the blockchain platforms where clients already hold assets.
In this model, CoinShares neither takes custody of client assets nor commits balance-sheet capital. It designs the strategies, manages the risk framework and earns recurring fees on assets delegated to smart contracts. Safe provides the enterprise account layer; Railnet, through Kiln’s existing Safe integration, provides the on-chain operating infrastructure.
Redemptions, CoinShares notes, are subject to the liquidity and settlement mechanics of the underlying strategies.
The Safe distribution footprint — company figures
Safe smart accounts collectively hold more than US$60 billion in self-custodied digital assets across more than 63 million accounts, CoinShares said, with approximately US$7.5 billion in stablecoins — “equivalent to roughly 2.5% of the circa US$300 billion global stablecoin market.” Those figures are CoinShares’ characterisation of Safe’s footprint.
The release names organisations such as the Ethereum Foundation and Circle as examples of Safe enterprise users who can allocate stablecoins into the strategies from existing Safe accounts. Those names are company examples, not a published client list with AUM.
What CoinShares said
“For more than a decade, CoinShares has built its asset management franchise by delivering investment strategies through traditional financial markets. Today, we are adding a second distribution engine,” said chief executive Jean-Marie Mognetti. He argued that the next phase of asset management will involve delivering strategies “directly through the infrastructure where clients already hold their assets,” and that the economics are attractive because CoinShares need not build a custody business or commit significant balance-sheet capital.
Distribution blueprint
Safe is the first major enterprise distribution partner for the model, which CoinShares said it intends to expand over time across additional wallets, exchanges, fintech platforms and institutional infrastructure providers. The company called the Safe partnership the commercial blueprint for OnChain Strategies and said it expects to extend the same architecture across further partners, broadening access while diversifying recurring fee income.
Historically, CoinShares has generated recurring revenues mainly through listed investment products on traditional financial infrastructure. OnChain Strategies are meant to be a complementary channel that applies the same investment process and risk framework, the release says, without intermediation through brokers, exchanges and financial advisers.
Why it matters
Tokenised treasuries and on-chain cash management have been a steady TSN theme — from BNY’s tokenised Treasury repo experiment to rwa.xyz tallies and Korea tokenisation MoUs. CoinShares’ move is different: a regulated ETP specialist bolting a capital-light, smart-contract distribution channel onto an existing wallet network.
For treasurers sitting in Safe accounts, the pitch is professional management without giving up self-custody. For CoinShares, it is fee income without warehouse risk. The open questions are fee levels, strategy liquidity in a stress, and how large delegated AUM becomes — none of which the release discloses.
What is still unknown
CoinShares did not publish OnChain Strategies AUM, fee rates or a full list of strategies. Named enterprises are illustrative. Readers should not treat the Safe stablecoin total as CoinShares’ own assets under management.
What to watch next
- Whether CoinShares names additional wallet or exchange distribution partners
- Any disclosure of OnChain Strategies AUM or fee income in future results
- How redemptions behave when underlying DeFi or RWA markets seize up
Sources
- CoinShares PLC investor press release, “CoinShares Launches OnChain Asset Management Business Through Strategic Partnership with Safe”, 14 October 2026. https://investor.coinshares.com/pressreleases/coinshares-launches-onchain-asset-management-business-through-strategic-partnership-with-safe
