Tokenisation is quietly rewriting the plumbing of capital markets, starting with money market funds, treasuries, and private credit.
We survey the leading institutional deployments, the regulatory perimeter, and the infrastructure our Digital Assets group is building around them.
The strongest early use cases solve a practical problem. They reduce reconciliation, extend operating hours or make fractional ownership easier to administer without weakening the underlying claim.
“Tokenisation is most useful when it removes friction from ownership, settlement and reporting.”
- 01Cash-equivalent instruments are leading institutional adoption.
- 02Legal ownership and investor protection remain more important than the token format.
- 03Interoperable records may shorten settlement and improve collateral mobility.
Technology does not remove counterparty risk. Custody, governance, valuation and redemption terms still determine whether an instrument can sit inside an institutional mandate.
For private markets, a shared record may improve transfer administration and reporting. Liquidity, however, cannot be manufactured simply by changing the form in which ownership is recorded.
Our focus is therefore on infrastructure that improves control and transparency while retaining the legal protections expected in established capital markets.