Global financial infrastructure entering a new era as tokenised assets set to surge to US$19 trillion by 2033
The financial world is undergoing a fundamental shift. A new report by Ripple, the leading provider of digital asset infrastructure for financial institutions, and Boston Consulting Group (BCG) projects the market for tokenised assets to grow from US$0.6 trillion today to US$18.9 trillion by 2033 (US$9.4 trillion by 2030), with a CAGR of 53 percent.
Tibor Merey, Managing Director and Partner at BCG explained, “Tokenisation is transforming financial assets into programmable, interoperable tools, recorded on shared digital ledgers. This enables 24/7 transactions, fractional ownership, and automated compliance.”
The report outlines a “three-phase” evolution:
- Phase 1: Low-Risk Adoption – Institutions tokenise familiar instruments like money market funds and bonds.
- Phase 2: Institutional Expansion – Scaling into complex assets such as private credit and real estate.
- Phase 3: Market Transformation – Tokenisation becomes embedded in financial and non-financial products.
Early adopters like BlackRock, Fidelity, and JPMorgan are already operational.
“The market is transitioning from tokenised assets simply sitting on-chain to integrating into real economic activity,” said Markus Infanger, SVP of RippleX.
Key growth enablers:
- Regulatory clarity in markets like the EU, UAE, Switzerland is largely established and also expected soon in the US
- Mature tech infrastructure including wallets and custody platforms.
- Strategic investments by banks and fintech M&A.
A “flywheel effect” is driving adoption, where institutional supply and investor demand reinforce each other.
Challenges like infrastructure fragmentation and regulatory divergence persist, but collaborative efforts on standards and infrastructure are helping to overcome them.
The message is clear: institutions must move beyond pilots. As Bernhard Kronfellner, Partner & Associate Director at BCG, puts it, “Tokenisation is no longer just a concept—it’s the foundation for the future of global finance.”
