Asset Tokenization in Financial Markets 2025

Contents59 26. Commodity Futures Trading Commission. (2024, November 21). CFTC’s Global Markets Advisory Committee advances recommendation on tokenized non-cash collateral [Press release]. https://www.cftc.gov/PressRoom/ PressReleases/9009-24 27. US Department of the Treasury. (2024, October 29). Minutes of the meeting of the Treasury Borrowing Advisory Committee October 29, 2024 [Press release]. https://home.treasury.gov/news/press-releases/jy2699 28. Government of the Hong Kong Special Administrative Region. (2025, February 26). The 2025–26 budget: Speech by the Financial Secretary, the Hon Paul MP Chan . https://www.budget.gov.hk/2025/eng/pdf/e_budget_speech_2025- 26.pdf 29. Société Générale. (2023, December 4). Société Generale issues a first digital green bond on a public blockchain [Press release]. https://www.societegenerale.com/en/news/press-release/first-inaugural-digital-green-bond-public- blockchain 30. Nomura Holdings. (2025, March 14). Nomura to announce fourth quarter and full year operating results on April 25. https://www.nomuraholdings.com/news/nr/nsc/20250314/20250314.html 31. SIX Group. (2024, May 21). SIX Digital Exchange hits milestone with over 1 billion Swiss francs in digital assets on their platform . https://www.six-group.com/en/newsroom/media-releases/2024/20240521-six-sdx-digital-bonds- milestone.html 32. International Capital Market Association. (2022, September 22). FAQs on DLT & blockchain in bond markets . https:// www.icmagroup.org/assets/ICMA-DLT-and-blockchain-in-bond-markets-FAQ-220922.pdf 33. Hong Kong Monetary Authority. (2023, November 28). An assessment on the benefits of bond tokenisation [Research Memorandum 04/2023]. https://www.hkma.gov.hk/media/eng/publication-and-research/research/research- memorandums/2023/RM04-2023.pdf 34. In the case of the Olam/Temasek bond issuance (DLT in the Real World podcast series from the ValueExchange and ISSA). 35. In the case of HKMA’s Evergreen bond issuance (DLT in the Real World podcast series from the ValueExchange and ISSA). 36. S&P Global. (2024). Private equity . https://www.spglobal.com/en/research-insights/market-insights/private-markets/ private-equity 37. Citigroup. (2023). Securities services evolution 2023 . https://www.citigroup.com/global/insights/securities-services- evolution-2023 38. 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 39. Opalesque. (2022, March 30). Fund managers believe alternative asset classes are first in line for tokenization . https:/ /www.opalesque.com/industry-updates/6722/fund-managers-believe-alternative-asset-classes-are-first.html 40. Lee, A. H. (2021, October 12). Going dark: The growth of private markets and the impact on investors and the economy . https://www.sec.gov/newsroom/speeches-statements/lee-sec-speaks-2021-10-1241. ADDX. (2021, September 28). ADDX tokenises global private equity fund to broaden investor access [Press release]. https://www.addx.co/files/News_Release_ADDX_Tokenises_Global_Private_Equity_Fund_To_Broaden_Investor_ Access_9dd94ed325.pdf 42. Zoniqx. (2024, October 23). Aurum Equity Partners launches $1B tokenized equity and debt fund using Zoniqx and XRP Ledger technology . https://www.zoniqx.com/resources/aurum-equity-partners-launches-1b-tokenized-equity- and-debt-fund-using-zoniqx-and-xrp-ledger-technology 43. Farrell, M. (2025, March 26). Want to invest in a private company? All it takes is $5,000. The Wall Street Journal . https://www.wsj.com/finance/investing/investing-private-companies-equityzen-forge-global-d2713c5c? mod=djem10point 44. Cai, F., & Haque, S. (2024, February 23). Private credit: Characteristics and risks . Board of Governors of the Federal Reserve System. https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks- 20240223.html 45. Alternative Investment Management Association. (2024, November 21). Private credit market surpasses US$3trn and maintains resilience despite growing stress [Press release]. https://www.aima.org/article/press-release-private-credit- market-surpasses-us-3trn-and-maintains-resilience-despite-growing-stress.html 46. Global Digital Finance. (2024, April). Private debt “will be first asset class to be tokenized and routinely traded” . https://www.gdf.io/resources/private-debt-will-be-first-asset-class-to-be-tokenized-and-routinely-traded/ 47. S&P Global. (2024). Private credit . https://www.spglobal.com/en/research-insights/market-insights/private-markets/ private-credit 48. Pokorny, Z. (2025, April 14). The state of crypto lending . Galaxy. https://www.galaxy.com/insights/research/the-state- of-crypto-lending/ 49. S&P Global. (2024). Tokenized private credit . https://www.spglobal.com/en/research-insights/special-reports/ tokenized-private-credit 50. Gottfried, M. (2022, September 13). KKR makes piece of PE fund available on public blockchain. The Wall Street Journal. https://www.wsj.com/articles/kkr-makes-piece-of-pe-fund-available-on-public-blockchain-11663014955 51. Dune Analytics. (n.d.). Query dashboard: Tokenized asset performance . Retrieved April 14, 2025, from https://dune. com/nifty0x/rwa#onchain-loans-for-rwa 52. Yieldstreet. (2024, February 11). Understanding real estate asset classes and property types . https://www.yieldstreet. com/resources/article/understanding-real-estate-asset-classes-and-property-types/#: ~:text=Residential%20property%20is%20real,the%20real%20estate%20asset%20class. 53. Tostevin, P., & Rushton, C. (2023, September). Total value of global real estate: Property remains the world’s biggest store of wealth . Savills. https://www.savills.com/impacts/market-trends/the-total-value-of-global-real-estate-property- remains-the-worlds-biggest-store-of-wealth.html 54. Boston Consulting Group. (2022). Relevance of on-chain asset tokenization in “crypto winter” . https://web-assets. bcg.com/1e/a2/5b5f2b7e42dfad2cb3113a291222/on-chain-asset-tokenization.pdf Endnotes