Capital Markets Tokenization Report 2026 — Free Download

Capital Markets Tokenization Report 2026

Updated March 2026

The Capital Tokenization annual report aggregates 12 months of institutional data on capital markets tokenization — the most significant structural transformation in financial market infrastructure since electronic trading. This report is drawn from primary sources including BIS working papers, IOSCO FR/17/25 (November 2025), McKinsey Global Banking Practice projections, Broadridge platform filings, JPMorgan corporate disclosures, and on-chain analytics across Ethereum, Canton Network, Stellar, and proprietary DLT platforms.

Key Data Points Covered

The 2026 report documents the following headline metrics:

• $11.70 billion in tokenized Treasury market value across 73 products and 55,520+ holders
• $385 billion average daily tokenized repo through Broadridge DLR (October 2025)
• $2 trillion+ in JPMorgan Kinexys transactions processed (IOSCO, March 2025)
• $20 billion total RWA TVL on-chain (excluding stablecoins) with 630,000+ holders
• $4.5 billion+ in on-chain private credit cumulative origination
• $500 million+ in tokenized PE fund interests (Hamilton Lane, KKR, BlackRock BUIDL)
• $4-5 trillion McKinsey projection for digital securities issuance by 2030
• $16 trillion WEF/industry projection for total RWA on-chain by 2030
• 91% of HNW investors planning tokenized bond allocations by 2026 (EY survey)
• 83% of institutional investors planning tokenized allocations by 2026 (EY survey)
• 59% Ethereum market share for institutional RWA ($7.5B, 335 products)

Report Sections

Fixed-Income Tokenization

Comprehensive tracking of digital bond issuance from the European Investment Bank, World Bank, HSBC Orion, Societe Generale, and sovereign issuers. The fixed-income section includes:

• Repo tokenization analysis: Growth from $50 billion monthly (2023) to $385 billion daily (2026) through Broadridge DLR. Broadridge’s platform processes intraday and overnight repo using tokenized collateral, with atomic on-chain settlement for Kinexys-integrated counterparties. JPMorgan Kinexys’ blockchain deposit accounts enable dealers to settle in blockchain-recorded funds without leaving the DLT environment — a structural innovation that eliminates the need for traditional settlement intermediation.

• U.S. Treasury tokenization: Protocol-level breakdown of the $11.70 billion market across BlackRock BUIDL ($2.01B), Circle USYC ($2.40B), Ondo USDY ($1.21B), Franklin Templeton BENJI ($1.01B), and 69 additional products. Ethereum dominates with 59% market share, followed by Stellar (Franklin Templeton) and Solana.

• Digital bond issuance records: Transaction-level data on EIB digital notes, HSBC Orion issuances, Goldman Sachs GS DAP-facilitated bonds, and Societe Generale’s first U.S. digital bonds on Canton Network (November 2025). The $5.2 billion+ cumulative tokenized bond figure is cross-referenced between issuer announcements and on-chain settlement records.

• Sovereign digital bond programs: Comparative analysis of digital sovereign bond programmes across Hong Kong, Singapore, the UK Gilt Sandbox, EU MiCA DLT bonds, and emerging market issuers.

Equity Tokenization Markets

Assessment of equity token offerings across regulated venues, including:

• Cap table tokenization: Penetration rates among venture-backed companies using Carta and Securitize for blockchain-based equity recording. Hamilton Lane’s tokenization through Securitize ($20K minimum vs $5M traditional) and KKR Healthcare Fund II represent the largest completed transactions.

• Secondary market liquidity: Formation metrics for tokenized equity secondary markets on Securitize Markets. Documented improvements: same-day vs 3-6 month settlement, sub-1% vs 3-5% transaction costs for tokenized vs traditional PE secondaries.

• Tokenized equity fund structures: Regulatory pathway analysis for tokenized fund structures under SEC Regulation A+, Regulation D, and DLT Pilot Regime frameworks in Europe.

Institutional Infrastructure

Competitive landscape analysis of the infrastructure stack supporting capital markets tokenization:

• Digital custody providers: Comparative assessment of BNY Mellon ($47T AUC, active direct custody), State Street (partnership-based), Citibank (development phase), and HSBC (APAC-focused). BNY Mellon’s SAB 122-enabled expansion and HSM/MPC key management architecture are documented in detail.

• Settlement efficiency: T+0 settlement through Canton Network and DTCC tokenized collateral network. Measurement of settlement fail rates, collateral mobilisation speed, and cross-border settlement friction before and after tokenization.

• Interoperability: Cross-chain and cross-platform challenges and current solutions including SWIFT’s tokenized asset experiments, Canton Network’s privacy-preserving interoperability model, and emerging ISO 20022 digital asset extensions.

• Regulatory compliance: Jurisdiction-by-jurisdiction analysis of tokenized securities compliance requirements across the U.S. (GENIUS Act, Clarity Act, SEC guidance), EU (MiCA, DLT Pilot Regime), UK (Digital Securities Sandbox), Singapore (Project Guardian), and Switzerland (FINMA DLT facility licences).

Private Markets Tokenization

Growth trajectories drawn from our private markets tracker:

• Private credit tokens: Centrifuge ($1.5B+ origination), Maple Finance ($3B+ origination), Goldfinch ($400M+), and MakerDAO’s $1.5B+ RWA allocation. Active loan book growth from $500M (early 2024) to $1.2B+ (early 2026).

• PE fund tokenization: Pipeline analysis covering Apollo ($671B AUM), Carlyle ($425B), and Blackstone ($1T+) tokenization exploration alongside active programmes at Hamilton Lane and KKR.

• Real asset tokenization: Tokenized gold (PAXG, XAUT — $1B+ combined), real estate ($500M+ tokenized through RealT and Lofty.ai), and infrastructure pilot programmes.

Why This Report Matters

Capital markets tokenization is not an emerging trend to monitor — it is an active deployment phase involving the world’s largest financial institutions. JPMorgan Onyx has processed over $2 trillion in tokenized transactions. Broadridge DLR moves $385 billion in daily repo. BlackRock BUIDL has over $2 billion AUM. According to IOSCO’s November 2025 report, tokenization is already reshaping repo markets, collateral management, and bond issuance at institutional scale.

The institutions that understand this landscape — which platforms are winning, which regulatory frameworks are clearing, which infrastructure bottlenecks remain — will be positioned to act as institutional tokenization reaches mainstream adoption. This report provides that intelligence.

Report Access

To request the full Capital Markets Tokenization Report 2026: info@capitaltokenization.com

Subject line: “Report 2026 Request”

The report is provided free of charge. We may follow up with questions about your institutional role and intended use to help us improve future editions.

For ongoing intelligence between annual reports, explore our dashboard trackers, entity profiles, and premium intelligence subscription.