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.