Asset Tokenization in Financial Markets 2025

Contents45 No major changes anticipatedTABLE 5 Potential changes to incumbent responsibilities through tokenizationImpacts of tokenization ENTITY Buy/sell side Issuer (public/private sector) Exchanges CCPs CSDs Custodians Transfer agencies— Automated, direct ordering via new digital asset exchanges — Peer-to-peer trading on secondary markets (e.g. DEXs) — Hybrid: Traditional orderbooks and on-chain transactions (e.g. automated market makers)— Tokenized Assets Advisory — Underwriting and syndication (e.g. UBS Native Digital Bond on SDX)— On-chain ID verification via repurposable digital identities (e.g. JPM Project Epic) — Smart contract design (e.g. asset terms) — Re-purposable digital identities to enforce trading restrictions (e.g. insider trading) — On-chain ID verification (e.g. SDX's adoption of Digital Token Identifier) — On-chain ID verification via repurposable digital identities— Programmable shareholder registry updates— Tokenized and digitally native issuance replacing book-entry issuance— Tokenized asset listings (e.g. Deutsche Börse Digital Exchange)— Smart contract deployment — On-chain capital raises— On-chain cash tokens for settlement (e.g. deposit tokens)— Self-custody brokerage wallets (e.g. Robinhood wallet)— Automated rebalancing and yield strategies — On-chain corporate actions (e.g. voting) — Multilateral governance (e.g. Eurex DLT Trials) — Tokenized margin collateral management — Default management and liquidation using on-chain cash — On-chain cash for settlement — Node operations and network validation— Automated ownership records — Updates via distributed ledger — Cross-chain interoperability — Digital asset safekeeping — Digital asset staking — Private key management — Institutional wallets/vaults— Automated dividend distributions — Staking rewards distribution — Tokenized lending/borrowing (e.g. BTC-backed loans) — Automated cap table services— Automated, programmatic corporate actions (e.g. Chainlink, Euroclear, Swift ) — Automated bookkeeping via distributed ledger — Direct on-chain asset transfersONBOARDING ISSUANCE TRADING CLEARING/SETTLEMENT CUSTODY ASSET SERVICING