From isolated experimentation to global standardization: analyzing the pivotal year for programmable capital market infrastructure.
2024 marked the end of the "Proof of Concept" (PoC) era for institutional tokenization. The transition to large-scale production, driven by initiatives like the ECB DLT Trials and the BlackRock BUIDL fund, validated the technical and operational demand for atomic settlement (DvP) in central bank money.
The Real World Assets (RWA) segment experienced exponential growth, driven by the digitization of U.S. Treasuries and money market funds. By 2025, we are witnessing a convergence with private debt markets, where interest programmability automates entire sections of securities administration.
Tokenized funds are no longer just replicating existing assets; they are introducing 24/7 transferability and composability with on-chain collateral.
The BIS vision of the Unified Ledger has become the cornerstone of G20 discussions. In 2025, the major challenge is interoperability between wholesale CBDC (wCBDC) and tokenized bank deposits.
France, through the Banque de France, maintains its strategic lead by proposing direct connectivity solutions between traditional RTGS and DLT ledgers.
The full entry into force of MiCA and the ramp-up of DORA impose a new standard of rigor. Digital market infrastructures must now prove operational resilience equivalent to historical systemic systems.
The complete 60-page report includes detailed country analyses and specific risk modeling.
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