Tokenization Gains Momentum As The Industry Pushes Toward Standardized Asset Delivery

While pace and adoption are uncertain, an improved regulatory posture and increased industry focus should lead to more efficient and better standardization of assets

September 30, 2026, BOSTON—Traditional and digital infrastructure will coexist for the foreseeable future, as asset managers focus on the transformational potential of digital infrastructure to streamline collateral movement and improve cash settlement efficiency. The transition is likely to be evolutionary rather than revolutionary, as regulation, interoperability, market standards, and client demand continue to develop, according to the latest Cerulli Edge—U.S. Product Development Edition.

The regulatory framework is gradually removing key roadblocks, supported by the current administration and growing industry willingness to build the rails required for tokenized assets. As such, large asset managers should dedicate resources today to understanding and staying current on developments across the tokenization ecosystem, rather than observing from a distance. Doing so can make future participation more seamless by establishing the necessary partnerships and infrastructure ahead of broader adoption.

For now, Cerulli finds the greatest interest appears to be on the institutional side, where banks have successfully tested collateral movement and cash settlement applications. This momentum has been supported by The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act and the growth of stablecoins.

“By improving the standardization of assets, whether private or otherwise, tokenization has the potential to make these investments easier to incorporate into model portfolios, unified managed accounts (UMAs), and separately managed accounts (SMAs) by reducing operational friction and improving portfolio integration,” says Tayfun Icten, senior analyst.

Cerulli emphasizes that the competitive advantage is unlikely to reside in token issuance itself but rather in the ability to enhance client relationships, provide trusted custody, lower transitional friction, and establish strong distribution partnerships. “As tokenization infrastructure matures, successful firms will be those that use technology to solve client and operational challenges rather than simply offering tokenized versions of existing products,” he concludes.

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