Global tokenisation in 2025: Asset classes in focus
Mapping how leading markets are using tokenisation across bonds, funds, and real assets
Tokenisation in 2025 is evolving into a targeted capital-markets tool, not a generic crypto experiment. Asset classes, regulatory posture, and institutional depth now determine where scale is emerging and which models are commercially defensible.
- Institutional rails for safe asset classes in developed markets:
In the US, UK, and EU, big players like BlackRock, JPMorgan, Citi, Amundi, and BNY are focusing on sovereign bonds, equities, and alternative funds. Here, tokenisation mainly acts as an efficiency and reach booster for traditional finance. The biggest need is for trusted, regulated pipes, including secure custody, digitised record-keeping, and compliant on-chain registers, that can plug smoothly into the systems, banks and capital-markets players already use. - Offshore and emerging hubs as laboratories for yield and structure innovation:
Brazil, Bermuda, and Bahrain are leaning into alternative funds, private credit, and experimental vehicles, enabled by flexible regimes. This favours startups offering end-to-end token-native fund servicing, programmable cash-flow waterfalls, and compliant global investor onboarding. - Asia and the Middle East tap tokenisation for real assets:
With players like DBS, Ant Group, DAMAC, and regional banks, these hubs are emphasising real estate, commodities, and infrastructure-linked assets, converting illiquid balance-sheet items into tradeable instruments. This creates openings for fractional-ownership marketplaces, robust secondary markets, and structured products that bridge local real assets with global liquidity pools.
For firms building in this space, the real opportunity lies in playing to each region’s strengths, offering robust, institution-ready infrastructure in developed markets, flexible fund and credit products in emerging hubs, and easy-to-access real-asset platforms in Asia and the Middle East, so that tokenisation becomes a practical new layer for raising and moving capital worldwide.
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