Tokenization Goes Mainstream as Broadridge and Nasdaq Signal Mass Adoption
Broadridge reports 54% of financial firms are investing heavily in tokenization, while Nasdaq's collateral study identifies $4.8 billion in mobilization potential. Mass adoption of tokenized assets is now expected within five years.
The quiet shift in global capital markets is no longer quiet. Across wealth management, capital markets, and asset management, the tokenization of real-world assets has crossed from experimental territory into live production infrastructure, backed by hard numbers and institutional capital commitments. Two landmark studies published in late February 2026, one from Broadridge Financial Solutions and one from Nasdaq in partnership with The ValueExchange, confirm what practitioners have been watching build for years: tokenization is now a strategic imperative, not a research project.
The Broadridge Signal: 54% of Firms Are Investing Heavily
The sixth annual 2026 Digital Transformation and Next-Gen Technology Study from Broadridge, based on survey responses from more than 900 financial services technology and operations leaders globally, delivers the clearest institutional mandate yet. More than half, specifically 54% of firms, report making moderate to large investments in tokenization and digital asset infrastructure, a signal that the industry has moved decisively beyond exploration toward scaled buildout [1][2].
The study draws on responses averaging a firm AUM of $77 billion, spanning wealth management, capital markets, and asset management. The conviction is hardening: 53% of respondents now believe distributed ledger technology will "dramatically change" the way assets are settled, up 9 percentage points from 2025. Market participants expect material tokenization of money markets in roughly four years and equities in approximately five years, and Broadridge notes those estimates may already be conservative [2].
"AI proved the industry can modernize at speed. Tokenization is the next leap forward that will re-architect markets. It's clear financial services firms see tokenization is a long-term structural evolution to financial market infrastructure that delivers efficiency, transparency, and liquidity." [2]
Germán Soto Sanchez, Chief Product and Strategy Officer, Broadridge Financial Solutions
The study identifies ecosystem collaboration as a key enabler. 70% of firms describe external partnerships as critical to capturing value as tokenized market infrastructure develops, reflecting the reality that no single institution can build the interoperability frameworks the market requires [2]. Execution, not strategy, has become the primary bottleneck: 84% of firms emphasize the need for integrated platforms, while talent gaps remain acute, with 37% citing lack of skilled personnel as a barrier to agentic AI adoption and tokenization rollout alike.
Nasdaq and The ValueExchange: $4.8 Billion Ready to Move
The Nasdaq study, co-authored with market research firm The ValueExchange and titled "Making the Case for Tokenised Collateral," reaches 203 market participants including investment banks, custodians, prime brokers, asset managers, and central counterparties. Its findings are precise: 52% of surveyed firms plan to manage live tokenized collateral by the end of 2026, a timeline that compresses the adoption curve significantly [3].
The economic case is concrete. Among Tier 1 firms managing more than $100 billion in AUM, approximately $36.8 billion sits in non-renumerated collateral. Tokenization infrastructure could mobilize $4.8 billion of that pool, generating an estimated $346 million in additional annual interest earnings [3]. The operational inefficiencies driving this demand are equally striking: 70% of respondents report settlement matching and delivery issues as daily occurrences, while 35% post more than 50% of their collateral overnight, maintaining an average 7% excess buffer against operational friction.
Benefit Category — Measured Improvement
Operating cost reduction — 12%
Collateral buffering requirement reduction — 11.6%
Risk weighted asset cost reduction — 8.1%
Overnight funding cost reduction — 7.8%
Overall collateral optimisation efficiency — +3.2%
Source: Nasdaq / The ValueExchange, "Making the Case for Tokenised Collateral," 2026 [3]
Daniel Upbin, VP of ETD Clearing Strategy and Solutions at Nasdaq, is measured about the pace: "Tokenisation is not an overnight transformation." He points to dual infrastructure requirements, legal clarity around capital and risk models, fragmented liquidity pools, and 24/7 operations expectations as constraints the market must resolve collectively [3]. Gerard Smith, VP and Head of Post Trade Product Strategy, frames the legal architecture as foundational: "A CSD-issued asset with full legal equivalence is existential to tokenisation" [3].
Technology Partnerships Drive the Buildout
The transition from pilot to production is running on a web of strategic partnerships between legacy financial institutions, blockchain infrastructure providers, custodians, and fintech platforms. Exchanges are aligning with digital asset companies to support institutional throughput and hybrid structures where tokenized equities coexist with conventional listings. Kraken's xStocks platform stands out as the largest tokenized stocks platform currently in operation, integrating conventional securities infrastructure with blockchain-based settlement [4].
The partnership model addresses the core tension in tokenization: a single institution cannot deliver regulatory compliance, custody integration, price feed integrity, 24/7 settlement, and cross-border liquidity simultaneously. Consortia are now competing to establish interoperability standards, and the outcome of those standards battles will determine which networks carry the tokenized asset volumes of the next decade [4]. Regulatory compliance integration, specifically the fusion of KYC, AML, and transaction surveillance into smart contract frameworks, has emerged as a distinct service layer that legal advisors and regtech companies are building alongside financial institutions [4].
Morgan Stanley Names the Moment
Morgan Stanley's Global Investment Committee characterizes the current juncture in precise terms: the digital asset trend has shifted from a focus solely on cryptocurrencies to exploring the tokenization of all assets, with blockchain technology being applied across entire business operations. Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, frames it plainly: "Our industry is now exploring how blockchain technology can deliver value in all areas of our business, while these themes have led headlines, we are still in very early innings" [5].
The institutional context is significant. The global digital asset market cap briefly exceeded $4 trillion, and crypto ETF assets under management briefly surpassed $200 billion, receiving more than $40 billion in inflows during 2025 alone [5]. On-chain tokenized RWA value has surpassed $23.9 billion, with institutional assets including US Treasuries, private credit, and fund structures moving to production scale [1]. The Genius Act, passed in July, created the first US stablecoin framework, and Oldenburg notes that "many in the financial industry are working on their stablecoin strategy" in its wake [5].
Infrastructure Race: Nasdaq, NYSE, and the DTCC Move
The institutional infrastructure layer is being rebuilt in parallel with product development. Nasdaq and the New York Stock Exchange are actively seeking SEC approval for tokenized stock trading, while the Depository Trust and Clearing Corporation (DTCC) has secured permission for a new tokenization service [2]. SEC Chair Paul Atkins has identified stock tokenization as a priority and signaled guidance and roundtable discussions are forthcoming, with innovation exemptions under consideration for firms exploring new business models [2].
Long-term projections from industry reports suggest tokenized assets could represent $10 trillion to $16 trillion in value by 2030, with the bulk of growth expected from private markets, treasuries, and fund tokenization [2]. Whether those projections prove conservative or optimistic will depend on the pace of regulatory clarity, the resolution of interoperability standards, and the depth of institutional commitment now manifesting in the Broadridge and Nasdaq data.
What the Numbers Mean
The 2026 data points converge on a single conclusion: tokenization has crossed the threshold from strategic option to operational priority. The firms that built foundational digital asset infrastructure in the prior cycle, responding to crypto demand, are now positioned to lead the broader rollout. Those delaying face a compounding disadvantage as the standards that will govern interoperability and legal equivalence are being negotiated now, among participants already at the table.
Metric — Data Point — Source
Firms making moderate/large tokenization investments — 54% — Broadridge 2026 Study
Firms believing DLT will dramatically change settlement — 53% — Broadridge 2026 Study
Firms planning live tokenized collateral by end of 2026 — 52% — Nasdaq / The ValueExchange
Collateral mobilization potential (Tier 1 firms) — $4.8B — Nasdaq / The ValueExchange
Tokenized RWA on-chain value — $23.9B+ — LinkedIn / Hamonic
Digital asset market cap (peak) — $4T+ — Morgan Stanley
Crypto ETF AUM (peak) — $200B+ — Morgan Stanley
Industry expecting external partnerships as critical — 70% — Broadridge 2026 Study
The infrastructure is being laid. The capital is committed. The question is no longer whether tokenization becomes market infrastructure but how quickly the legal, technical, and talent frameworks can match the pace of institutional intent.
References
[1] Maxime Hamonic, LinkedIn post, February 23, 2026. https://www.linkedin.com/posts/maximehamonic_in-2026-tokenization-is-no-longer-experimental-activity-7431641755088830464-6IRe
[2] Broadridge Financial Solutions, "GenAI Delivering Now, Tokenization Is Next: 2026 Digital Transformation and Next-Gen Technology Study," February 25, 2026. https://www.broadridge.com/press-release/2026/genai-delivering-now-tokenization-is-next (also via Global Custodian: https://www.globalcustodian.com/mass-tokenisation-expected-in-next-five-years-broadridge-study-finds)
[3] PostTrade 360, "Nasdaq Study: Tokenised Collateral Is Poised for Take Off," March 2, 2026. https://posttrade360.com/news/infrastructure/nasdaq-study-tokenised-collateral-is-poised-for-take-off
[4] Fintech Magazine, "How Tech Partnerships Drive Financial Asset Tokenisation," March 2, 2026. https://fintechmagazine.com/articles/how-tech-partnerships-drive-financial-asset-tokenisation
[5] Morgan Stanley, "Digital Assets Go Mainstream as Global Adoption Accelerates," February 27, 2026. https://www.morganstanley.com/insights/articles/digital-assets-push-into-the-mainstream-as-global-adoption-surges