Market participants see fixed income as the most tokenisable asset class, according to a recent Coalition Greenwich study.
More than a quarter (29%) of those polled rated fixed income as the asset class most likely to benefit from tokenisation. A further 23% ranked it second most likely, and 21% the third most likely of the five options given. Just 18% ranked equities as the most likely to benefit.
“Today, US fixed income assets, particularly US Treasuries, back much of the global stablecoin industry,” observed report author David Easthope, a senior analyst on the market structure and technology team. But there is still space for the market to grow, he argues, suggesting that overnight and weekend asset transfers would cut down settlement times and create new settlement windows.
This is one of the main use cases for tokenisation, and something that US infrastructure is preparing for. DTCC will be tokenising its US Treasury securities this year.
READ MORE: DTCC to tokenise US Treasury securities in H1 2026
Repo is also a popular use case for tokenisation, with Broadridge’s DLT platform reporting US$365 billion in average daily volumes in January.
READ MORE: Tokenisation booms in repo markets
Tokenised assets are primarily traded on securities exchanges, with 53% of survey respondents prioritising the venues. Just 15% use crypto-native or bank/broker platforms respectively. While only 8% see multidealer platforms as their first port of call for trading tokenised assets, but 25% rank it as their second choice. Similarly, 6% go to derivatives exchanges first – but 29% use it as their initial backup.
“Most institutional market participants are currently apprehensive about changing their trading workflows to handle these instruments,” Coalition Greenwich observes.
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