The year 2025 has been a defining one for the global tokenisation landscape, marking the transition from experimentation to institutional adoption across asset classes. Asset tokenisation has expanded its reach, from private credit and equities to sovereign bonds and alternative funds, driven by both traditional institutions and crypto-native innovators.

Private credit emerged as one of the most dynamic categories, with firms like Securitize and WisdomTree building tokenised credit products that bring institutional yield strategies on-chain. Tokenisation of both private and public equities saw a surge in activity led by global players such as JP Morgan, Robinhood, Gemini, and Kraken, bridging traditional securities with blockchain infrastructure and paving the way for 24/7, borderless trading.

Sovereign bonds, including both US Treasury bonds and non-US government bonds, continued to anchor the tokenisation narrative, with Franklin Templeton, Circle, and BlackRock launching digital treasury funds and experimenting with blockchain-based bond settlements. Meanwhile, alternative funds gained traction through money market tokenisation initiatives by DBS, DMZ Finance, and Standard Chartered, signalling growing confidence in blockchain as an institutional-grade fund infrastructure.

These developments highlight an ecosystem maturing through collaborations, regulatory engagement, and real-world deployment, reinforcing tokenisation’s potential to reshape capital markets into a more efficient, transparent, and programmable system.