Deutsche Bank Research: Tokenization Set to Become Next-Gen Financial Infrastructure
RWA Signal Insight
InfrastructureDeutsche Bank Research has released a comprehensive study titled 'Asset Tokenization 101,' which argues that distributed ledger technology is evolving from experimental trials into a foundational architecture for global finance. The report highlights that the global market for tokenized assets, excluding stablecoins, grew from $10 billion in January 2025 to $39 billion by September 2026. Analysts project this sector will reach between $1.5 trillion and $2.0 trillion by 2030, potentially scaling to $4.0 trillion by 2035. The research emphasizes that tokenization will modernize financial infrastructure rather than eliminate intermediaries, as regulated institutions remain essential for KYC, AML, and bankruptcy-remote asset safeguarding. Growth is currently driven by institutional adoption of tokenized U.S. Treasuries and money market funds, such as BlackRock’s BUIDL and Franklin Templeton’s BENJI. The report concludes that the integration of tokenized money, capital assets, and atomic clearing is necessary to achieve full operational efficiency. This shift represents a strategic upgrade for major clearing and custodial institutions like the DTCC, BNY Mellon, and Citi.
Key points
- Tokenized assets excluding stablecoins grew from $10 billion to $39 billion by September 2026.
- Deutsche Bank projects the tokenized asset market will reach $3 trillion to $4 trillion by 2035.
- Institutional adoption is led by tokenized U.S. Treasuries like BlackRock's BUIDL and Franklin Templeton's BENJI.
- Research concludes tokenization upgrades financial infrastructure rather than replacing regulated intermediaries.
Background
Deutsche Bank Research is the analytical arm of the global financial institution, providing economic insights and market structure analysis. The report focuses on the intersection of traditional capital markets and distributed ledger technology, examining how institutional-grade assets can be represented on-chain while maintaining compliance with existing legal and regulatory frameworks.