Looking Ahead to 2026: The Next Phase of Tokenised Capital Markets

31 Dec Looking Ahead to 2026: The Next Phase of Tokenised Capital Markets

2025 was the year that tokenisation went mainstream and began to be embraced as an integral part of the global financial infrastructure. The tokenised real-world asset (RWA) market now exceeds $35 billion, expanding more than 125% in 2025 alone and up 1,700% since 2022. The direction of travel is clear: a majority of asset managers and asset owners now expect tokenisation to become a normal part of everyday financing and investing within 10 years.

As Paolo Ardoino, Chief Technology Officer at Bitfinex Securities, noted, “Tokenisation is edging closer to becoming a mainstream capital raising tool. The efficiency gains and benefits of broader access are simply too big to ignore.” With that shift underway, 2026 is expected to be defined by execution, scale, and deeper institutional participation.

In 2026, we see several critical key trends emerging as tokenisation becomes embedded in financial markets.

2026 Tokenisation Outlook

RWA Market to Exceed $100B

We expect the tokenised RWA market to more than double in 2026, reaching at least $100 billion as traditional financial institutions accelerate adoption. As traditional securities and investment platforms move from “tokenising for the sake of it” to solving specific liquidity pain points, we expect a massive influx of private credit and money market funds into the ecosystem.

Equity Tokenisation Expands, but Fixed Income Leads

While tokenised equity will represent a larger share of new issuance, fixed income will remain the dominant category. In 2026, we expect fixed income to remain the leading tokenised asset class, as investors flock to low-volatility, yield-bearing instruments that can be used as collateral for borrowing and investing.

Meaningful Secondary Market Growth

Increased issuance across both public and private tokenised assets is expected to drive meaningful growth in secondary market liquidity. As more instruments become actively traded, improved depth and pricing efficiency should follow, reinforcing investor confidence across the ecosystem.

Jesse Knutson, Head of Operations at Bitfinex Securities, pointed to early indicators of this trend: “The success of our Bitcoin Mining Note secondary offering — providing tokenised access to Bitcoin hashrate derivatives — demonstrates real appetite for yield opportunities designed for a digital economy.”

Regulatory Clarity Strengthens

Major financial centres, including the UK, are moving toward formalising tokenisation within capital markets frameworks. The FCA’s ongoing consultation may deliver clearer guidance in 2026.

Emerging Markets Demonstrate Accelerated Adoption

Countries like El Salvador are embedding digital asset infrastructure directly into their national economic strategy. These regions are proving that tokenisation is not just a cost-saving tool for the West, but a vital engine for accelerating financial inclusion in the Global South.

Ethereum Remains Dominant, but Alternative Networks Gain Recognition

While Ethereum will continue to lead as the blockchain of choice for RWA issuance, 2026 will see greater institutional attention put on other ecosystems. The Liquid Network is expected to gain traction due to its robustness and settlement reliability — a consideration underscored by recent high-profile cloud service outages.