Asset Tokenization in Financial Markets 2025

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Contents63 142. Weeks, R. (2024, December 18). Deutsche Bank tries to tackle compliance hurdles for public blockchains. Bloomberg. https://www.bloomberg.com/news/articles/2024-12-18/deutsche-bank-tries-to-tackle-compliance- hurdles-for-public-blockchains ; Schär, F. (2024). Enhancing financial services with permissionless blockchains . European Commission: Directorate-General for Financial Stability, Financial Services and Capital Markets Union. https://data.europa.eu/doi/10.2874/8306042 143. Franklin Templeton. (n.d.). Franklin OnChain U.S. Government Money Fund . https://www.franklintempleton.com/ investments/options/money-market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s-government-money- fund/FOBXX 144. Sandor, K. (2024, November 13). BlackRock expands tokenized fund BUIDL beyond Ethereum to 5 new blockchains . CoinDesk. https://www.coindesk.com/business/2024/11/13/blackrock-expands-tokenized-fund-buidl-beyond- ethereum-to-five-new-blockchains 145. Irresberger, F., John, K., Mueller, P., & Saleh, F. (2023, September 30). The public blockchain ecosystem: An empirical analysis. NYU Stern School of Business. https://ssrn.com/abstract=3592849 146. Coinbase Institute. (2024). Why the future of finance calls for a permissionless architecture . https://assets.ctfassets. net/o10es7wu5gm1/3DPt8YOiYtdVfqUoeuAJdS/33b4c368f7bc6b4ff7173df36c3d00da/Davos_Whitepaper_A4.pdf 147. Basel Committee on Banking Supervision. (2024). Novel risks, mitigants and uncertainties with permissionless distributed ledger technologies . Bank for International Settlements. https://www.bis.org/bcbs/publ/wp344.pdf 148. Barsan, I. M. (2019, July 1). Public blockchains: The privacy-transparency conundrum. Revue Trimestrielle de Droit Financier (RTDF), 2 . https://ssrn.com/abstract=3442055 149. Federal Reserve Bank of Philadelphia. (2024, October 22). Next-gen finance through real-world asset tokenization [Video]. YouTube. https://youtu.be/HB0kYQRxBEM?si=0AynKQu-xbq9Q68T&t=780 150. Organisation for Economic Co-operation and Development. (2025). Tokenisation of assets and distributed ledger technologies in financial markets: Potential impediments to market development and policy implications. OECD Business and Finance Policy Papers, No. 75. https://www.oecd.org/en/publications/tokenisation-of-assets-and- distributed-ledger-technologies-in-financial-markets_40e7f217-en.html 151. The ValueExchange. (n.d.). DLT and digital assets . Retrieved April 14, 2025, from https://thevx.io/campaign/dlt-and- digital-assets/ 152. Committee on Payments and Market Infrastructures, & International Organization of Securities Commissions. (2012). Principles for financial market infrastructures . Bank for International Settlements. https://www.bis.org/cpmi/info_pfmi. htm 153. Fintech at Cornell. (2025). Cornell convenes 2024 roundtable forum: Tokenization of real-world assets . https:// business.cornell.edu/wp-content/uploads/sites/2/2025/02/Cornell_Convenes_Roundtable_Report_Tokenization_of_ Real-World_Assets_FINAL_2.3.25__VD_.pdf 154. OMFIF. (2024). Digital assets 2024 . https://www.omfif.org/da2024/155. Ledger Insights. (2025, February 17). ECB responds to market calls for permanent wholesale CBDC including from Deutsche Börse . https://www.ledgerinsights.com/ecb-responds-to-market-calls-for-permanent-wholesale-cbdc- including-from-deutsche-borse/ 156. Fnality. (2025, April 9). Broadridge Collaborates with Fnality to enable real-time settlement for intraday repo transactions [Press release]. https://fnality.com/news/broadridge-real-time-settlement 157. Herrick, J. (2025, February 26). Expanding market hours: Key considerations and the NYSE’s approach . LinkedIn. https://www.linkedin.com/pulse/expanding-market-hours-key-considerations-nyses-approach-jon-herrick-shuae/ 158. Berkowitz, J., et al. (2025, March 14). The Bybit hack of 2025 — potential implications . Paul Hastings. https://www. paulhastings.com/insights/crypto-policy-tracker/the-bybit-hack-of-2025-potential-implications 159. Nili, C., Patterson, T., & Dukatz, C. (2024, May 21). Safeguarding central bank digital currency systems in the post- quantum computing age . World Economic Forum. https://www.weforum.org/stories/2024/05/safeguarding-central- bank-digital-currency-systems-post-quantum-age/ 160. The Digital Dollar Project. (2025). Modernizing the US dollar for the future of digital networks . https:// digitaldollarproject.org/wp-content/uploads/2025/03/Modernizing-the-US-Dollar-for-the-Future-of-Digital-Networks. pdf 161. Financial Stability Board. (2024, October 22). The financial stability implications of tokenisation . https://www.fsb.org/ 2024/10/the-financial-stability-implications-of-tokenisation/ 162. Jiang, C., & Wallach, E. (2025, February 11). Headwinds becoming tailwinds . Pantera Capital. https://panteracapital. com/blockchain-letter/headwinds-becoming-tailwinds/ 163. Impuls Liechtenstein. (n.d.). Blockchain in Liechtenstein . Retrieved April 14, 2025, from https://impuls-liechtenstein.li/ en/blockchain/#tvtg 164. Trump, D. J. (2025, January 23). Strengthening American Leadership in Digital Financial Technology. Executive Order 14178. The White House. https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american- leadership-in-digital-financial-technology/ 165. Government of Hong Kong Special Administrative Region. (2025, February 26). Budget speech by the Financial Secretary . https://www.info.gov.hk/gia/general/202502/26/P2025022600116.htm 166. Financial Conduct Authority. (2025). Strategy 2025 to 2030 . https://www.fca.org.uk/publication/corporate/our- strategy-2025-30.pdfEndnotes
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