From hype to implementation: custodians drive tokenisation shift

Tokenisation is starting to take root in financial markets, according to a new whitepaper from Broadridge Financial Solutions. The report, Next-gen markets: The rise and reality of tokenization, suggests that the technology is moving from theory to real-world use, with custodians leading the way.

Based on Broadridge’s 2025 tokenisation survey of 300 institutions across North America and Europe, 63 per cent of custodians now offer tokenised assets, and another 30 per cent expect to follow within two years. Most of these early movers cite improvements in operational efficiency and security.

Germán Soto Sanchez, Chief Product and Strategy Officer at Broadridge, said custodians’ focus on governance and scalable infrastructure is setting the pace for wider market transformation.

Slow uptake asset and wealth managers

Asset managers and wealth managers are moving more cautiously. Only 15 per cent of asset managers currently offer tokenised products, though 41 per cent plan to do so soon. The study suggests tokenisation could help them stay relevant to investors interested in digital assets, beyond just achieving operational efficiency.

Wealth managers remain furthest behind. Ten per cent now provide tokenised offerings, while one-third aim to do so within two years. Their hesitation is linked to operational challenges and the perceived threat of disintermediation as tokenisation allows more direct investor access. However, Broadridge notes that recent interest in tokenised equities could begin to shift this stance.

Barriers remain high

While benefits such as improved transparency, liquidity, and reduced costs are driving momentum, most institutions still see regulatory uncertainty as the biggest obstacle. 73 per cent of respondents cited unclear regulation as a barrier, followed by security and infrastructure concerns, and a lack of common standards

The report concludes that broader scaling will require clearer regulation, consistent standards, and continued technological development, but the direction of travel toward tokenised markets now appears set.