On 11 November 2025, the International Organization of Securities Commissions (IOSCO) published a report on the tokenisation of financial assets. The report presents findings from monitoring activities conducted by IOSCO, aimed at gathering information on the current state of development and adoption of tokenisation and distributed ledger technology (DLT) in capital markets products and services.
The report highlights, among others, the following conclusions:
- tokenisation remains at an early stage of development, and the lack of interoperability between different distributed ledgers is hindering the growth of the sector;
- despite the growth in issuance of tokens representing financial assets, their trading still primarily relies on traditional intermediaries and financial structures;
- market participants prefer traditional settlement structures over DLT-based solutions.
The full text of the report is available at the following link: