Kevin Kennedy, executive vice president – North American markets, Nasdaq
I believe 2026 will be a transformative year for market innovation. On the technology front, I expect significant progress in tokenisation and digital assets, including tokenised securities and new product launches that drive meaningful AUM growth.
We might also see the first ETFs structured as share classes of mutual funds, and AI will continue to reshape trading and market operations. I also anticipate clearer legislation on crypto and digital market structure, which will provide much-needed oversight to enable innovation.
From a regulatory perspective, we could expect updates to the order protection rule and related rules, while infrastructure changes like smaller tick sizes and a consolidated SIP will remain in focus. I also expect the launch of 23/5 trading to help enable global access to US markets – the largest and most liquid markets in the world.
Retail investors will continue to drive priorities, fueling growth in index options, buffered ETPs, and overall options activity, which reached record highs in 2025.
Darko Hajdukovic, head of digital markets infrastructure and chief executive of DMI private funds, LSEG
Capital markets are set for a major shift in 2026 with distributed ledger technology (DLT) being increasingly adopted to bring blockchain-powered innovation and efficiency to real world assets (RWA).
The adoption of DLT as core infrastructure for markets will be a significant evolution and signal a future where tokenisation, liquidity enhancement, and data-driven automation redefine market operations, creating a more transparent, efficient, and inclusive financial ecosystem.
Central to this evolution is interoperable digital markets infrastructure (DMI). DMI introduces a framework that addresses long-standing inefficiencies by enabling tokenisation, real-time settlement, and secure post-trade servicing across asset classes.
Its core strength lies in LSEG’s open model that embraces interoperability – connecting digital platforms with traditional systems to reduce friction, lower counterparty risk, and improve transparency.
This approach allows market participants to benefit from digital innovation without overhauling existing processes, thanks to modular integration and minimal adoption costs.
Private markets are the first to benefit, with enhanced fund distribution and secure data access unlocking liquidity and efficiency. Beyond private funds, universal architectures will extend these benefits across equities, fixed income, and other asset classes, paving the way for tokenised assets to become mainstream.
Dirk Bullmann, managing director, public policy, strategy and innovation, CLS
Last year was pivotal for the evolution of the stablecoin market. Newly implemented regulatory regimes spurred institutional interest and contributed to a surge in volumes.
In 2026, we expect to see continued development of institutional use cases, including interoperability between blockchains, improvements to intraday liquidity management and the emergence of cross-currency collateral transfers.
At the current juncture, stablecoin use cases primarily serve retail and remittance businesses. Adoption in wholesale FX is likely to remain limited in the near term, given the enormous size of the global FX market, with $9.6 trillion being exchanged every day, stablecoins could only play a niche role today.
Moreover, the vast majority of stablecoins (99%) are US dollar-pegged and the current landscape therefore lacks sufficient diversity to meaningfully support broader FX market activity. In addition, near-instant settlement on blockchain does not yet provide the liquidity efficiency of payment-versus-payment (PvP) models.
Beyond 2026, we expect to see hybrid models evolve, where tokenised assets and stablecoins complement, rather than replace, trusted settlement networks.
Melissa Stevenson, head of FX product management, ION
Increased regulatory clarity in the US and Europe over stablecoins will spur more confidence and acceptance for commercial use. The US GENIUS Act and the EU’s MiCA framework will address concerns about compliance and risk, allowing mainstream financial institutions and retailers to integrate stablecoins into their operations.
Traditional financial players are actively partnering with crypto infrastructure providers. Firms like Mastercard and Circle are expanding partnerships to enable stablecoin settlement, while Morgan Stanley is planning to launch cryptocurrency trading for e-trade customers.
In Europe, a consortium of nine major banks plans to launch a euro-pegged stablecoin in the second half of 2026.
There is also a continued focus on cross-border payments, with stablecoins expected to gain more widespread adoption as they offer faster, cheaper settlement compared to legacy banking systems like SWIFT.
At the same time, retailers will continue to explore acceptance of stablecoin payments as a way to bypass the high fees associated with card networks and to improve cash flow management through faster settlement.
Finally, stablecoins are increasingly seen as a substitute for both crypto and traditional fiat. They will continue to grow as an acceptable medium over the very volatile crypto market and traditional fiat money, enabling transparent, predictable, and faster transactions that unpredictable cryptocurrencies like Bitcoin cannot offer for everyday needs.