Asset Tokenization in Financial Markets 2025

Contents3 Foreword Foreword Duane Block Managing Director, Accenture Drew Propson Head, Technology and Innovation in Financial Services, World Economic ForumFinancial markets are evolving to meet growing demands for speed, efficiency and connectivity. Among the forces driving this transformation is the rise of distributed ledger technology (DLT) and tokenization – innovations that have the ability to offer faster transactions, improved efficiency and greater transparency across asset classes. With strong momentum towards regulatory clarity and increasing technological maturity, the tokenization of financial assets is well positioned to support the next generation of value exchange in banking and capital markets. Global stakeholders are now commonly distinguishing between attention-grabbing cryptocurrencies and the underlying technology, fuelling a renewed era of public– private cooperation focused on scaling tokenization in a safe and compliant manner. Yet progress in financial infrastructure is inherently gradual. History reflects this in the multi-decade transition from paper-based certificates to electronic book entries following the 1960s Paperwork Crisis. While the changes will not be immediate, financial markets may be approaching another major phase in the development of their architecture, powered this time by tokenization. Today’s global financial system relies on fragmented, message-based integrations to reconcile ownership and transfers across independent networks. In contrast, tokenization – enabled by programmable ledgers and smart contracts – offers the potential for unified systems of record, flexible custody models and on-chain governance. These capabilities unlock new possibilities for real-time settlement, fractional ownership, asset composability and more resilient market design. In this context, the World Economic Forum has collaborated with Accenture to examine the role of asset tokenization in financial markets. The report that follows is the result of this joint effort. Over the past year, we analysed asset classes ranging from equities to alternative investments to develop a taxonomy of tokenization models and the differentiation they provide. While tokenization is expected to scale, realizing its full impact will require sustained public–private coordination and a phased, risk-aware approach. We hope that the insights shared in this report serve as a valuable foundation for informed decision- making and encourage continued collaboration across the financial ecosystem. Finally, we extend our sincere gratitude to the many experts who contributed to this analysis. Their insights and perspectives, offered through interviews, workshops and written reviews, have been instrumental in shaping the findings of this report.