Is it time for corporate treasurers to lean into tokenization? AFME and EACT say yes

A joint report by the Association for Financial Markets in Europe (AFME) and the European Association of Corporate Treasurers (EACT) signals that distributed ledger technology has transitioned from experimental to practical for corporate treasury operations. The paper identifies cross-border payments, collateral management, and tokenized fixed income as the most immediate areas for operational efficiency. Large financial institutions, including BlackRock, JPMorgan, State Street, and BNP Paribas, have launched tokenized money market funds that allow for intraday, programmable liquidity management. This shift enables corporate treasurers to move surplus cash into yield-bearing assets without the traditional overnight lock-up periods. The report highlights that global issuance of DLT-based instruments reached EUR 1.69 billion by the end of 2025, representing a 629% increase since 2021. Siemens is cited as a leading corporate issuer, having successfully placed both digital bonds and commercial paper on-chain. Ultimately, the report advocates for treasurers to adopt tokenization as a core operational capability to optimize liquidity and capital mobility.