Asset Tokenization in Financial Markets 2025

Contents58 Endnotes 1. World Economic Forum. (2024). Modernizing financial markets with wholesale central bank digital currency (wCBDC) . https://www.weforum.org/publications/modernizing-financial-markets-with-wcbdc/ ; Mandeng, O. J. (2022, March 23). The (R)evolution of money III CBDC is here, careful design needed now . Accenture. https://www.accenture.com/ us-en/insights/blockchain/evolution-money ; Bindseil, U., Pantelopoulos, G., & Coste, C.-E. (2024, November 2). Digital money and finance: A critical review of terminology . SSRN. https://ssrn.com/abstract=5007868 2. Lavayssière, X. (2024, April 17). The design of programmable ledgers . SSRN. https://ssrn.com/abstract=4797032 3. World Economic Forum. (2024). Modernizing financial markets with wholesale central bank digital currency (wCBDC) . https://www.weforum.org/publications/modernizing-financial-markets-with-wcbdc/ 4. Lavayssière, X. (2023, November 23). Tokenization of financial assets . SSRN. https://ssrn.com/abstract=4649162 5. World Economic Forum. (2024). Modernizing financial markets with wholesale central bank digital currency (wCBDC) . https://www.weforum.org/publications/modernizing-financial-markets-with-wcbdc/ 6. Coinbase Institute. (2024). Why the future of finance calls for a permissionless architecture . https://assets.ctfassets. net/o10es7wu5gm1/3DPt8YOiYtdVfqUoeuAJdS/33b4c368f7bc6b4ff7173df36c3d00da/Davos_Whitepaper_A4.pdf 7. Bank for International Settlements. (2024, October 21). Tokenisation in the context of money and other assets: Concepts and implications for central banks . https://www.bis.org/cpmi/publ/d225.htm ; European Commission: Directorate-General for Financial Stability, Financial Services and Capital Markets Union, & Schär, F. (2024). Enhancing financial services with permissionless blockchains, Publications Office of the European Union , https://data. europa.eu/doi/10.2874/8306042 ; Disparte, D., & Liao, G. (2024, October 28). “Code as law”: The tokenization of financial assets and the paradox of programmability. World Economic Forum. https://www.weforum.org/agenda/ 2024/10/tokenization-financial-assets-crypto-programmable-paradox/ ; Lavayssière, X., & Zhang, N. (2024). Programmability in payment and settlement. IMF Working Papers, 2024 (177). https://doi.org/ 10.5089/9798400286452.001 8. European Central Bank. (2021). The use of DLT in post-trade processes . https://www.ecb.europa.eu/pub/pdf/other/ ecb.20210412_useofdltposttradeprocesses~958e3af1c8.en.pdf 9. Disparte, D., & Liao, G. (2024, October 28). “Code as law”: The tokenization of financial assets and the paradox of programmability . World Economic Forum. https://www.weforum.org/stories/2024/10/tokenization-financial-assets- crypto-programmable-paradox/ 10. Securities Industry and Financial Markets Association. (2024). Capital markets fact book . https://www.sifma.org/ resources/research/statistics/fact-book/ 11. Blockworks Research. (2025, March 24). The value of tokenized publicly traded stocks is currently below $16M. https://x.com/blockworksres/status/190244927811686818812. World Federation of Exchanges. (2024, June 11). Demystifying tokenisation: Dispelling myths, explaining the muted traction, and setting out the starting point for regulation . https://www.world-exchanges.org/news/articles/ demystifying-tokenisation-dispelling-myths-explaining-muted-traction-and-setting-out-starting-point-regulation 13. Tokenized Asset Coalition. (2024, September 26). State of tokenization 2024 . https://www.rwa.xyz/blog/tokenized- asset-coalition-state-of-tokenization-2024 14. Garcia, O., & Lillis, S. (2025). Elevating the exchange: Your guide to bringing digital infrastructure to the next level. Accenture. https://www.accenture.com/content/dam/accenture/final/accenture-com/document-3/Accenture-Future- Of-Exchanges-Report.pdf 15. Sanati, A., & Spyridopoulos, I. (2024, December 11). Comparing capital allocation efficiency in public and private equity markets . SSRN. http://dx.doi.org/10.2139/ssrn.4403578 16. Depository Trust & Clearing Corporation. (2023). Automating the sourcing of corporate actions announcements from agents and issuers: A DTCC position paper to the industry . https://www.dtcc.com/-/media/Files/Downloads/ WhitePapers/Agent-Interaction-WP-2023-Final.pdf ; The ValueExchange. (n.d.). Reimagining corporate actions: What is the right operating model for today's world? Retrieved April 14, 2025, from https://thevx.io/campaign/reimagining- corporate-actions/ 17. Whittaker, M. (2023, October 2). American depositary receipts: Pros and cons . US News & World Report. https:// money.usnews.com/investing/articles/american-depositary-receipts-pros-and-cons 18. Godbole, O. (2024, December 12). A ssetera enables non-US investors to trade tokenized Nvidia, Coinbase, and S&P 500. CoinDesk. https://www.coindesk.com/markets/2024/12/12/assetera-enables-non-u-s-investors-to-trade- tokenized-nvidia-coinbase-and-s-and-p-500 19. State Street Global Advisors. (2024). Digital digest December 2024: Tokenization and the future . https://www. statestreet.com/us/en/asset-manager/insights/digital-digest-december-2024-tokenization-and-future 20. RBC Wealth Management. (n.d.). What are fixed income securities? Retrieved April 14, 2025, from https://www. rbcwealthmanagement.com/en-ca/insights/what-are-fixed-income-securities 21. Securities Industry and Financial Markets Association. (2024). Capital markets fact book . https://www.sifma.org/ resources/research/statistics/fact-book/ 22. Official Monetary and Financial Institutions Forum (OMFIF). (2024). Digital assets 2024 . https://www.omfif.org/ da2024/ 23. Ledger Insights. (2024, November 26). EIB issues second €100m digital bond in a week using wCBDC . https://www. ledgerinsights.com/eib-issues-second-e100m-digital-bond-in-a-week-using-wcbdc/ 24. Vanguard. (n.d.). Revalidating the case for international bonds . Retrieved April 14, 2025, from https://institutional. vanguard.com/insights-and-research/perspective/revalidating-the-case-for-international-bonds.html 25. UK Finance. (2024, November). Digital gilt roadmap 2024 . https://www.ukfinance.org.uk/system/files/2024-11/ UK%20Finance%20Digital%20Gilt%20roadmap%202024.pdfEndnotes