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Ripple, BCG Project $18.9T Tokenized Asset Market by 2033

Published

5 месяцев ago

7 апреля, 2025

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The market for tokenized financial instruments, or real-world assets (RWAs), could reach $18.9 trillion by 2033 as the technology’s growth is nearing a «tipping point,» according to a joint report on Monday by Boston Consulting Group (BCG) by payments-focused digital asset infrastructure firm Ripple.

That would mean an average 53% compound annual growth rate (CAGR), taking the middle ground between the report’s conservative scenario of $12 trillion in tokenized assets in the next eight years and a more optimistic $23.4 trillion projection.

Tokenization is the process of using blockchain rails to record ownership and move assets—securities, commodities, real estate. It’s a red-hot sector in crypto, with several global traditional financial firms pursuing tokenization to achieve efficiency gains, faster and cheaper settlements and around-the-clock transactions. JPMorgan’s Kinexys platform has already processed more than $1.5 trillion in tokenized transactions, with over $2 billion in daily volume. BlackRock’s tokenized U.S. dollar money market fund (BUIDL), issued with tokenization firm Securitize, nears $2 billion in assets under management and is increasingly being used in decentralized finance (DeFi).

“[The] technology is ready, regulation is evolving, and foundational use cases are in the market,” said Martijn Siebrand, Digital Assets Program Manager at ABN AMRO, in the report.

The report highlighted tokenized government bonds, U.S. Treasuries, as an early success, allowing corporate treasurers seamlessly shift idle cash into tokenized short-term government bonds from digital wallets without any intermediaries, managing liquidity in real time and around the clock.

Private credit is another sector drawing attention, opening access to traditionally opaque and illiquid markets while offering investors clearer pricing and fractional ownership. Similarly, carbon markets are flagged as fertile ground, where blockchain-based registries could enhance transparency and traceability of emissions credits.

Key challenges still linger

Despite the growth, the report identified five key barriers for broader adoption: fragmented infrastructure, limited interoperability across platforms, uneven regulatory progress, inconsistent custody frameworks, and lack of smart contract standardization. Most tokenized assets today settle in isolation, with off-chain cash legs limiting efficiency gains. Tokenized asset markets struggle to unlock secondary liquidity without shared delivery-versus-payment (DvP) standards.

Regulatory clarity varies significantly by region. Switzerland, the EU, Singapore, and the United Arab Emirates have developed comprehensive legal frameworks for tokenized securities and infrastructure, while major markets like India and China remain restrictive or undefined. This uneven progress complicates cross-border operations and forces firms to tailor infrastructure market-by-market.

Despite these headwinds, early adopters are expanding fast. The report identifies three phases of tokenization: low-risk adoption of familiar instruments like bonds and funds; expansion into complex products such as private credit and real estate; and full market transformation, including illiquid assets like infrastructure and private equity. Most firms are currently in the first or second phase, with scalability hinging on regulatory alignment and infrastructure maturity.

Tokenization can unlock meaningful savings for processes such as bond issuances, real estate fund tokenization and collateral management, driving further growth, the report noted.

Cost is becoming less of a constraint for firms, the report said. Focused tokenization projects can now launch for under $2 million, while end-to-end integrations—covering issuance, custody, compliance, and trading—can cost up to $100 million for large institutions.

However, without industry-wide coordinated action, the same silos and fragmentation tokenization seeks to eliminate could reemerge in digital form, said in the report Jorgen Ouaknine, global head of innovation and digital assets at Euroclear, a global financial market infrastructure provider.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

21 час ago

16 сентября, 2025

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Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

21 час ago

16 сентября, 2025

admin

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Business

Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Published

22 часа ago

16 сентября, 2025

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Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.

The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.

On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.

The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.

Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.

Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.