Report
Institutional Tokenization in the Year Ahead: Scale in 2026 with 2025 Lessons
Abstract
A perspective on where institutional tokenization is heading: what 2025 taught the market, and the conditions required to move from pilots to production scale in 2026, across infrastructure, standards, and the institutions that must adopt them.
Executive summary
2025 was the year institutional tokenization moved from thesis to evidence: real issuance, real settlement, and a clearer picture of where the friction actually sits. This report distils those lessons and lays out what it will take to scale in 2026, not at the level of narrative, but at the level of infrastructure, standards, and institutional adoption.
We look at what worked, what stalled, and the specific gaps, in settlement finality, accounting, and governance, that still separate pilots from production. The full report follows below.