Tokenization in Capital Markets: Adoption Trends

This technical report presents findings from the 2025 Broadridge Tokenization Survey, which involved 300 financial institutions across North America and Europe. The report outlines the growing trend of tokenization, where traditional financial and private assets are represented as digital tokens on blockchain infrastructure. It details how custodians are leading the adoption, with 63% already offering tokenized asset services, while asset managers and wealth managers are following at a slower pace. The report identifies private assets, particularly private equity and real estate, as initial use cases for tokenization, addressing barriers such as illiquidity and high operational costs. It discusses the strategic risks associated with direct-to-investor distribution models and highlights regulatory uncertainty as a significant concern among institutions. The report concludes by emphasizing the need for financial institutions to position themselves effectively to capture the benefits of tokenization while mitigating associated risks, providing actionable recommendations for custodians, asset managers, and wealth managers.