Premium Intelligence — Institutional Capital Markets Tokenization Research

Premium Institutional Intelligence

Updated March 2026

Capital Tokenization Premium delivers institutional-grade research on capital markets tokenization that goes beyond our public intelligence coverage. The institutional tokenization landscape is moving fast: Broadridge DLR processes $385 billion in average daily tokenized repo; JPMorgan Kinexys has exceeded $2 trillion in processed transactions and is expanding to alternative investments in 2026; BlackRock BUIDL holds $2.01 billion AUM; and the broader RWA market has reached $20 billion TVL with 630,000+ holders across 73 tracked products.

McKinsey projects $4-5 trillion in digital securities issuance by 2030, with $16 trillion in total RWA on-chain. The WEF estimates $15-20 billion in annual operational savings from tokenized capital market infrastructure. According to IOSCO’s November 2025 Tokenization of Financial Assets report, tokenization is already reshaping repo markets, bond issuance, and collateral management at scale. 91% of HNW investors and 83% of institutions plan tokenized allocations by 2026.

This is not an emerging trend to track passively. Premium intelligence provides the analytical depth to act on it.

What Premium Covers

Fixed-Income Deep Dives

Quarterly analysis of tokenized bond issuance volumes, issuer pipeline tracking, secondary market liquidity metrics, and yield curve implications for digital bonds. Premium fixed-income coverage includes:

• Issuance pipeline tracking: Forward calendar of announced and anticipated tokenized bond issuances across EIB digital notes, sovereign digital bond programs, and corporate tokenized debt. We track mandated deals, pre-marketing announcements, and secondary market developments across Goldman Sachs GS DAP, HSBC Orion, Canton Network, and emerging platforms.

• Repo market intelligence: Monthly analysis of tokenized repo volume trends across Broadridge DLR and JPMorgan Kinexys. Premium subscribers receive breakdown by counterparty type, collateral category, and maturity profile where publicly disclosed, plus analysis of intraday liquidity dynamics introduced by blockchain-based repo settlement.

• Yield and spread analysis: Comparative analysis of tokenized bond yields versus equivalent traditional bonds, assessing whether tokenization commands a liquidity premium or discount and how this varies by issuer type, platform, and secondary market depth.

• U.S. Treasury tokenization: Detailed protocol-level breakdown of the $11.70 billion tokenized Treasury market — BlackRock BUIDL ($2.01B), Circle USYC ($2.40B), Ondo USDY ($1.21B), Franklin Templeton BENJI ($1.01B), and 69 additional products — with monthly AUM updates and holder concentration analysis.

Equity Market Intelligence

Tracking the equity tokenization landscape across primary issuance, secondary markets, and fund structures:

• Cap table tokenization adoption: Quarterly update on Carta and Securitize platform penetration among venture-backed companies, VC funds, and growth-stage businesses. We track registered token holders, platform AUM, and secondary trading velocity.

• Secondary market liquidity: Monthly liquidity metrics for tokenized equity secondary markets on Securitize Markets, tZERO, and emerging venues. Settlement time, transaction costs, bid-ask spreads, and daily volume are tracked and benchmarked against traditional private securities secondary markets.

• Regulatory pathway analysis: Country-by-country analysis of regulatory frameworks for tokenized equity instruments, with practical guidance on SEC Regulation D/A+ issuances, EU DLT Pilot Regime admitted instruments, FCA Digital Securities Sandbox participants, and MAS digital securities licensing.

• Tokenized equity fund structures: Ongoing coverage of registered and exempt tokenized fund launches, with AUM, minimum investment thresholds, blockchain platform, and redemption terms.

Infrastructure Scorecards

Monthly scoring of the institutional tokenization infrastructure stack:

• Digital custody providers: Comparative monthly scorecard of BNY Mellon (active, $47T AUC), State Street (partnership model), Citibank (development), HSBC (APAC-focused), and specialised custodians. Scoring dimensions include asset class coverage, regulatory standing, key management architecture, and pricing competitiveness.

• Settlement platforms: Operational status updates for DTCC’s tokenized collateral network, Canton Network participant growth, and atomic settlement capability expansion. We track new Canton Network members, GS DAP issuance volume, and BNY Mellon custody integration progress.

• Interoperability protocols: Monthly assessment of cross-chain and cross-platform interoperability progress, including SWIFT’s tokenized asset experiments, ISO 20022 digital asset extension development, and regulatory sandbox interoperability test results.

• Technology stack: Quarterly analysis of infrastructure vendor positioning — DLT platform providers, smart contract auditors, oracle networks, and middleware providers — with market share estimates and competitive dynamics.

Private Markets Data

Granular tracking from our private markets tokenization tracker:

• Private credit tokenization: Monthly active loan book data for Centrifuge, Maple Finance, Goldfinch, Credix, and Clearpool. Default rates, counterparty identification (where public), collateral coverage ratios, and origination pipeline by lending category.

• PE fund tokens: Expansion tracking across Hamilton Lane, KKR, Apollo, Carlyle, and other large managers exploring tokenized distribution. Secondary market transaction data for Hamilton Lane and KKR tokenized fund interests on Securitize Markets.

• Structured product tokenization: Quarterly issuance data for tokenized CLOs, CDOs, and ABS instruments, with platform breakdown and institutional purchaser analysis.

• DeFi/institutional convergence: Protocol-level data on MakerDAO ($1.5B+ RWA allocation), Aave, and other DeFi protocols allocating to tokenized real-world assets. Governance vote tracking for new RWA allocation proposals.

Entity Research

Premium subscribers receive enhanced entity profiles with quarterly updates. Each entity report includes updated transaction volumes, platform feature changes, regulatory developments, and competitive positioning analysis for the eight core institutional entities:

• JPMorgan Onyx / Kinexys — $2T+ processed, 2026 expansion timeline
• Goldman Sachs GS DAP — Bond issuance platform, money market fund tokenization
• HSBC Orion — Digital bond platform, EIB co-issuances
• BNY Mellon Digital Custody — $47T AUC, SAB 122 expansion
• BlackRock BUIDL — $2.01B AUM, DTCC collateral integration
• Broadridge DLR — $385B daily repo, SocGen Canton Network bond
• Canton Network — Privacy-preserving DLT interoperability
• SWIFT Tokenized Asset Transfers — Cross-border tokenized asset messaging

Who Premium Is For

Capital Tokenization Premium is designed for:

• Asset managers and hedge funds building analytical frameworks for tokenized fixed income and alternatives allocation
• Banks and broker-dealers monitoring competitive positioning of tokenization infrastructure peers
• Law firms and consultancies advising institutional clients on tokenized securities transactions, custody arrangements, and regulatory compliance
• Technology vendors tracking platform adoption, competitive dynamics, and partnership opportunities
• Institutional investors — pension funds, endowments, sovereign wealth funds — conducting due diligence on tokenized asset classes

Subscribe

For institutional access, pricing, and a sample intelligence brief: info@capitaltokenization.com

Subject line: “Premium Intelligence Inquiry”

We will respond within 2 business days with access options and a sample report excerpt covering one of the four core intelligence verticals described above.

For free public intelligence, explore our dashboard trackers, entity profiles, and our annual tokenization report.