Fixed Income Blog: Tokenized funding markets and the future of plumbing

研报英文原文证据摘录

Fixed Income Blog: Tokenized funding markets and the future of plumbing

Deutsche Bank

Research

Rates Date

Fixed Income Blog 1 July 2026

Tokenized funding markets and the future of

Andrew Fu plumbing

Strategist

+1-212-250-1743

The push toward 24/7, digital, and programmable financial markets has brought

tokenization into focus for policymakers and market infrastructure providers. Matthew Raskin

Momentum has accelerated over the past year, with reports that the SEC is Strategist

+1-212-250-1741 poised to allow trading of tokenized stocks, Fed governor speeches on

tokenization, and ongoing DTCC progress on tokenized collateral infrastructure. Steven Zeng, CFA

Abroad, the BoE is soliciting market feedback on how they can support Strategist

tokenization in financial markets ahead of plans to provide regulatory clarity later +1-212-250-9373

this year. While legislative progress in the US remains uncertain, with Polymarket

assigning less than 50% odds of the Clarity Act passing this year, it is clear that

tokenization is becoming increasingly integrated into the financial system. In this

note, we outline how we see tokenization shaping the ecosystem of funding

markets and explore potential rates market implications of such an ecosystem.

Tokenization – an overview

Fundamentally, tokenization is simply the digital representation of assets on

blockchain technology. Doing so allows assets to trade 24/7 globally, settle near-

instantaneously, and operate with a lower administrative burden as tokenized

assets incorporate smart contracts that automate processes across the lifecycle

of financial transactions.

A range of financial instruments have already been tokenized, from traditional

financial assets such as equities and bonds to physical assets such as gold and