Monitor Briefing
Tokenization Has Reached Operations, but Production Is Still the Exception
A 600+ institution re-baseline finds a market split between a small operating core and a much larger pilot economy. The commercial opportunity is shifting from proving that assets can be tokenized to connecting cash, custody, distribution and incumbent market infrastructure.
A re-baseline of 609 institutions in the Global Institutional Tokenization Benchmark finds only 14.6% at controlled production or higher, with repeated pilots the single largest active category. Tokenization is real, global and increasingly operational, but the scarce assets are repeat usage, trusted distribution and integrated settlement, not announcements. The next value pool is integration: connecting tokenized instruments to cash, custody, market infrastructure and secondary distribution.
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