BR: Takeaways from Tokenization presentation

Research evidence excerpt

BR: Takeaways from Tokenization presentation

953.0A 2,191.0E private and alternative assets, which could open opportunities to offer new 2027 1,627.0E 1,788.0E 2,073.0E 2,321.0E

products to an expanded investor base. This is reflected in Citi’s launch EBITDA, Adj

of digital depository receipts, where the bank acts as both the issuer and 2025 217.1A 296.0A 437.7A 590.7A

custodian for tokenized private company shares. 2026 284.0A 299.0A 456.0A 627.0E

2027 281.0E 286.0E 501.0E 701.0E

Technology creates possibilities, but ecosystems create adoption. All values in USD unless otherwise noted.

Panelists highlighted similarities of the current status of tokenization to Priced as of prior trading day's market close, EST (unless otherwise noted).

the development of ETFs into an ~$18T industry, where while being

an innovative technology, the success came from the entire ecosystem

evolving with the innovation across regulation, market-makers, exchanges,

trading technology, and other stakeholders. The panelist from BlackRock

called out that as an asset manager, it is highly focused on the ecosystem

component to drive adoption.

Product market fit. The panel called out three areas where there have been

genuine product market fit rather than experimentation, 1) stablecoins, 2)

tokenized money market funds, and 3) collateral mobility. While stablecoins

and tokenized money market funds are generally understood, collateral

mobility is a use case for tokenization that brings transparency, efficiency,

and speed to move collateral, as well as potentially expanding what can be

viewed as high-quality collateral.

Tokenization comes in a few different flavors. Broadly, there are various

schools of thought regarding the tokenization models, with the pilots from