Tokenisation is moving from proof-of-concept to practical deployment, and asset managers are starting to act.
Our new research report, Tokenisation gaining altitude, captures where the industry stands today. Based on a survey of 100 senior executives across asset managers, private markets firms, and fund manufacturers globally, the report explores adoption levels, strategic priorities, operating models, and the barriers still holding firms back.
The deployment picture
Half of respondents have already introduced tokenisation in some form. Of these, 17% report broad operational deployment, while 33% have limited deployments running. The remaining 50% are still at proof-of-concept stage, but 45% of those running pilots or small-scale initiatives expect to reach broader deployment within one to two years.
Among firms with more than US$5 billion in assets under management, tokenisation is becoming a clear strategic priority: 55% say it is very important to their business strategy, while a further 9% rank it as their top priority.
What’s driving adoption
While operational efficiency remains important, the biggest driver is commercial: 42% cite broadening investor access to tokenised assets as their primary motivation.
This is where private markets are emerging as the proving ground. Nearly half of respondents have already tokenised private market assets, with private credit proving particularly attractive because of its predictable cash flows and potential to lower entry barriers.
The barriers to scale
The path to wider adoption is not straightforward. High implementation and infrastructure costs are the biggest internal obstacle, cited by 39% of firms as their primary challenge. Externally, firms point to a lack of market standardisation, cybersecurity risk, and regulatory uncertainty as the most significant hurdles.
Talent is another pressure point. More than 80% of firms plan to hire tokenisation specialists in the next 24 months, yet 55% say sourcing the right expertise is difficult. Firms need people who can combine blockchain knowledge with regulatory, custody, governance, and capital markets experience.
As a result, outsourcing is becoming central to tokenisation strategies. 44% of asset managers rely on third-party providers for most tokenisation functions, while 25% outsource entirely.
The direction of travel is clear
Tokenisation is no longer experimental, but it is not yet standard practice. Cost, talent, regulation, and market infrastructure will shape the next phase of adoption.
Download the full report to explore the findings and understand how asset managers are preparing for tokenisation at scale.
