Asset Tokenization in Financial Markets 2025

Contents62 112. Hong Kong Monetary Authority. (2024, September 23). HKMA commences Phase 2 of -HKD Pilot Programme and expands Project e-HKD to explore new forms of digital money [Press release]. https://www.hkma.gov.hk/eng/news- and-media/press-releases/2024/09/20240923-3/ 113. Ledger Insights. (2024). DekaBank issues digital bond without intermediaries, as part of ECB DLT settlement trials . https://www.ledgerinsights.com/dekabank-issues-digital-bond-without-intermediaries-as-part-of-ecb-dlt-settlement- trials/ 114. Coinbase Institute. (2024). Why the future of finance calls for a permissionless architecture . https://assets.ctfassets. net/o10es7wu5gm1/3DPt8YOiYtdVfqUoeuAJdS/33b4c368f7bc6b4ff7173df36c3d00da/Davos_Whitepaper_A4.pdf 115. Ledger Insights. (2024). 21X lands first license for exchange, settlement under DLT Pilot Regime . https://www. ledgerinsights.com/21x-lands-first-license-for-exchange-settlement-under-dlt-pilot-regime/ 116. Eurex. (2024, October 23). Eurex Clearing successfully participates in ECB trials for wholesale digital money pilot. https://www.eurex.com/ex-en/find/news/Eurex-Clearing-successfully-participates-in-ECB-trials-for-wholesale-digital- money-pilot--4151738 117. Council of Financial Regulators. (2025, March). Reassessing the case for central clearing of bonds and repos in Australia: Response to consultation . https://www.cfr.gov.au/publications/consultations/2025/reassessing-the-case- for-central-clearing-of-bonds-and-repos-in-australia/ 118. SIX Group. (2021, September 8). New SIX survey: Urgent need for better quality data to automate corporate actions [Press release]. https://www.six-group.com/en/newsroom/media-releases/2021/20210908-corporate-actions-survey. html 119. OMFIF. (2024, September 27). Success of tokenisation will depend on the private sector . https://www.omfif.org/ 2024/09/success-of-tokenisation-will-depend-on-the-private-sector/ 120. DTCC. (n.d.). CSDs drive the shift to blockchain & tokenized assets . Retrieved April 14, 2025, from https://www.dtcc. com/digital-assets/digital-standard/csds-in-focus 121. Securities Industry and Financial Markets Association. (2024, December 5). RSN business applicability report . https:// www.sifma.org/wp-content/uploads/2024/12/RSN-Business-Applicability-Report-FINAL.pdf 122. BNY. (2025, April 3). BNY expands digital asset platform with launch of innovative on-chain offering . https://www.bny. com/corporate/global/en/about-us/newsroom/press-release/bny-expands-digital-asset-platform-with-launch-of- innovative-on-chain-offering.html 123. Ripple. (2023, May 17). Ripple takes on the crypto custody market with Metaco . https://ripple.com/insights/ripple- takes-on-the-crypto-custody-market-with-metaco/ 124. The Specialist. (2021, February 20). Transfer agency and its role in digital, tokenized and fractionalized securities. https://thespecialist.substack.com/p/transfer-agency-and-its-role-in-digital 125. Minervi, N., & Hendrick, K. (2023, October 12). Vertalo’s digital transfer agent. ChainEnabled. https:// thechainenabled.substack.com/p/vertalos-digital-transfer-agent126. WisdomTree. (n.d.). Digital funds: A new era of tokenized investing . Retrieved April 14, 2025, from https://www. wisdomtreeprime.com/insights/digital-funds-a-new-era-of-tokenized-investing 127. Fenergo. (2024). Global KYC & onboarding trends in 2024 . https://www.fenergo.com/kyc-trends 128. World Federation of Exchanges. (2024, June 12). Demystifying tokenisation: Embracing the future . https://www. world-exchanges.org/our-work/articles/demystifying-tokenisation-embracing-future 129. Katz, E. (2024, April 15). The UK digital securities sandbox takes shape . Ashurst. https://www.ashurst.com/en/ insights/the-uk-digital-securities-sandbox-takes-shape/ 130. European Central Bank. (2022, March 17). Tokenisation of cash and securities . https://www.ecb.europa.eu/paym/ groups/pdf/omg/2022/220317/item-2_Tokenisation-cash-securities.pdf 131. Bank of Canada. (2025, March 21). Risk free uncollateralized lending in decentred markets . https://www. bankofcanada.ca/wp-content/uploads/2025/03/sdp2025-6.pdf 132. Azizi, B. (2025, March 24). Mesh raises $82M to bring stablecoins everywhere [Audio podcast]. https://tokenized. simplecast.com/episodes/mesh-raise-82m-to-bring-stablecoins-everywhere-ft-ceo-bam-azizi-x56Zv7cr 133. Kinexys by J.P. Morgan. (n.d.). Next-generation financial infrastructure . Retrieved April 14, 2025, from https://www. jpmorgan.com/kinexys/index 134. Citigroup. (2024, July 17). Introducing Citi Integrated Digital Assets Platform (CIDAP): Driving innovation and building solutions with blockchain . https://www.citigroup.com/global/news/perspective/2024/introducing-citi-integrated- digital-assets-platform 135. Coinbase Institute. (2024). Why the future of finance calls for a permissionless architecture . https://assets.ctfassets. net/01oes7wu5gm1/3DPt8Y0iYtdVfqUoeuAJdS/33b4c368f7bc6b4ff7173df36c3d00da/Davos_Whitepaper_A4.pdf 136. Avalanche. (n.d.). Avalanche9000 Testnet launches with up to $40M in retroactive rewards . Retrieved April 22, 2025, from https://www.avax.network/blog/avalanche9000-testnet-launches-with-up-to-40m-in-retroactive-rewards 137. Electric Capital. (2024). Developer report: Analysis of open-source crypto developers . https://www.developerreport. com/ 138. Coinbase Institute. (2024). Why the future of finance calls for a permissionless architecture . https://assets.ctfassets. net/01oes7wu5gm1/3DPt8Y0iYtdVfqUoeuAJdS/33b4c368f7bc6b4ff7173df36c3d00da/Davos_Whitepaper_A4.pdf 139. The Block. (2024). 2025 digital assets outlook report . https://www.theblock.co/post/332761/2025-digital-assets- outlook-report 140. Accenture, Chainlink, & RWA.xyz. (2025, forthcoming). Liquidity without borders: Why cross-chain interoperability matters. 141. YCharts. (n.d.). Ethereum transactions per day . Retrieved April 14, 2025, from https://ycharts.com/indicators/ ethereum_transactions_per_day ; Visa. (2022). Visa fact sheet . https://usa.visa.com/dam/VCOM/global/about-visa/ documents/visanet-factsheet.pdfEndnotes