Efthimia Kefalea, head of derivatives clearing development and digital innovation, Eurex 
The next 12 months will mark an important phase in the digital transformation of financial markets. Tokenisation is emerging as a game-changer, particularly in collateral management, addressing long-standing inefficiencies in mobilising collateral assets.
At the same time, initiatives like the BIS Project Agorá aim to revolutionise FX payments through distributed ledger technology, promising faster, more efficient cross-currency payments.
This shift is attracting new technology-driven entrants eager to expand into the institutional space, challenging established players to adapt. Central banks and regulators are already responding: the ECB has announced plans for central bank money on ledger, while in the US, stablecoins are gaining traction as alternative settlement instruments.
These developments signal a future where traditional infrastructures coexist with digital-native solutions.
To harness this transformation as an opportunity rather than a disruption, market participants, policymakers, and regulators must collaborate on standards, interoperability, and risk frameworks.
The coming year will not just be about innovation; it will be about building trust and resilience in a rapidly evolving financial ecosystem.
Horacio Barakat, head of digital innovation, Broadridge
Tokenisation activities are growing and are poised to reshape capital markets, enhance efficiency, and democratise access for investors.
As direct-to-investor distribution models gain momentum, tokenisation is increasingly being recognised as a transformative force – with more than 80% of early adopters citing its potential to deepen client engagement and streamline operations.
The key forces laying the groundwork for this acceleration is the move from pilot projects to scaled platforms, real-world tokenisation use cases, and clearer regulatory frameworks. Proven performance from early DLT applications is demonstrating security, scalability, and trust.
The rise of tokenised assets and stablecoins is unlocking liquidity, reducing transaction costs, and transforming global payments and settlements. Greater regulatory clarity, including frameworks such the US GENIUS Act, are reducing industry uncertainty and encouraging participation, paving the way for broader integration of digital assets.
Together, these developments will continue to propel tokenisation from experimentation to enterprise adoption.
While tokenisation is still in its early stages, the convergence of trust, innovation, and clear regulation positions tokenisation to become one of the most significant structural shifts on the horizon for global capital markets.
Chris Bruner, chief product officer, Tradeweb
Next year will mark an important step forward for digital assets as tokenisation moves from proof-of-concept to practical implementation across traditional markets.
We’re beginning to see how blockchain-based infrastructure can enable faster settlement, greater transparency and more efficient connectivity between asset classes.
As these technologies mature, the distinction between digital and traditional assets will continue to blur – opening the door to truly interoperable markets. It’s a foundational change in how markets will operate over the next phase of electronification.
Paul Frost-Smith, chief executive, Komainu
Tokenisation on blockchain networks is set to become a major growth driver across financial markets in 2026 and beyond.
Adoption is already accelerating across equities, bonds, real estate, and alternative investments, as tokenised assets offer enhanced liquidity, fractional ownership, and round-the-clock market access.
Blockchains are well suited to this shift, combining transparency, security, and programmability. At the same time, emerging technologies are addressing the remaining hurdles of interoperability and scalability.
Platforms such as Stellar and Ripple’s XRPL have made headlines in 2025, helping to deliver these capabilities. We believe the one to watch is Bitcoin’s Liquid Network, which combines the power and security of Bitcoin to create a highly secure, fast, and confidential sidechain to support institutional-grade tokenisation.
With its settlement speed and Bitcoin’s proven security foundation, Liquid, and similar networks, could become central to regulated market infrastructure. As more institutions move into tokenised assets, we anticipate a broader transformation of capital markets, marked by expanded global access, greater operational efficiency, and new avenues for growth.
Next year may well be the time tokenisation shifts from a niche innovation to mainstream financial architecture, built on Bitcoin.