Asset Tokenization in Financial Markets 2025

Contents19 *Noted as a set of products that bring on-chain assets into off-chain financial markets, such as crypto-asset exchange-traded products.Use case pattern #3: Asset management On-chain funds Off-chain funds*Public equities Fixed income/debt Alternative assets Sovereign bonds Corporate bonds Municipal bonds Private debt Private equity Commodities Real estate Precious metals Carbon creditsUse case pattern #1: Asset issuance Collateral and repurchase agreement marketsUse case pattern #2: Securities financingFIGURE 5 Tokenization use case patternsTokenized assets 3.1 Use case patterns The sections below examine the impact of tokenization on relevant asset classes. 1. Asset issuance The creation of financial instruments across asset classes including public equities, fixed income (sovereign, corporate, municipal) and alternatives (private equity, private debt, commodities). These assets are issued in support of capital formation and market access. 2. Securities financing Short-term transactions such as repos and securities lending, where bonds, cash and equities serve as collateral. These markets enable liquidity management, collateral optimization and leverage strategies. 3. Asset management The assembly of on-chain and off-chain funds, spanning traditional and digital- native vehicles such as tokenized money market funds and treasury funds to provide diversified exposure for investors.