Deutsche Bank sees tokenised assets market reaching $4 trillion by 2035

Deutsche Bank expects the market for tokenised financial assets to reach between $3 trillion and $4 trillion by 2035, up from about $25 billion last year.

Tokenisation means recording ownership of an asset, such as a bond, fund share or property, as a digital token on a blockchain or similar shared ledger.

The market, excluding stablecoins, has grown from about $10 billion in January 2025 to around $39 billion this month, Deutsche Bank's research institute said in a new report.

The bank's interim forecast puts the market at between $1.5 trillion and $2 trillion by 2030.

US government debt remains the largest segment, with tokenised Treasuries worth $15 billion, much of it held through tokenised money market funds. BlackRock, the world's largest fund manager, leads that segment with $2.83 billion, ahead of Ondo, a blockchain investment platform, on $2.66 billion and Circle, the stablecoin issuer, at $2.60 billion.

Stablecoins, digital tokens pegged to currencies such as the dollar, still make up about 89% of all tokenised value. Deutsche Bank treats them separately because they are used mainly for payments and settlement rather than investment.

The report's authors, Marion Laboure and Camilla Siazon, argue that the next phase lies in market plumbing rather than the assets themselves.

The Depository Trust & Clearing Corporation (DTCC), which settles most US securities trades, will launch a tokenisation service in October covering Russell 1000 stocks, major exchange-traded funds and Treasuries. The Securities and Exchange Commission has granted the service a three-year authorisation, and more than 30 firms took part in live trades in July.