PwC supports financial institutions, corporates and the public sector to maximise value through tokenisation.
Digital assets and tokenisation services
Why are digital assets and tokenisation now impossible to ignore?
Digital assets are now mainstream, and tokenisation is fast becoming the new infrastructure for capital markets.
Projected global tokenised market volume until 2027 (USD trillions by asset class)
Source: World Economic Forum and Finoa
(1) e.g. insurance policies, pensions, alternative investments.
(2) e.g. infrastructure projects, car fleets.
Tokenised assets are projected to expand from under USD1 trillion in 2020 to approximately USD24 trillion by 2027, with volumes expected to reach around USD19 trillion in 2026. Growth is led by other financial assets such as insurance policies, pensions and alternative investments, followed by listed equity and investment funds, reflecting the broadening of tokenisation well beyond its initial use cases.
Stablecoin Market Capitalisation (Supply in Million $)
Sources: Visa; CoinDesk
Similarly, stablecoins have experienced explosive growth, reaching a market capitalisation of approximately USD300 billion by early 2026, driven by their increasing utility in 24/7 cross-border payments. The stablecoin market is projected to grow to between USD2 trillion and USD4 trillion by 2030.
Aggregate AuM of Tokenised Money Market / Treasury Funds
Source: RWA.xyz
Tokenised money market funds grew from near-zero in 2021 to ~USD14B AUM by June 2026, driven by Circle USYC, BlackRock BUIDL, and Franklin Templeton BENJI, among others.
Total crypto ETF assets under management (USD billions)
Source: CoinMarketCap. BTC and ETH ETFs combined.
Crypto ETFs grew from approximately USD28 billion in January 2024, following the approval of US spot bitcoin ETFs, to a peak of around USD165 billion in September 2025. Assets then eased to roughly USD115 billion during 2026 before recovering to approximately USD125 billion as of October 2026, confirming crypto ETFs as an established access route for institutional and retail investors.
In such context, digital assets and tokenisation are impossible to ignore:
- For financial institutions, they unlock faster settlement, 24/7 markets, and programmable assets that reduce operational friction and costs. Asset managers can fractionalise investments, expand distribution to new investors, and enhance liquidity. Banks can streamline custody, payments, and collateral management with greater speed and transparency.
- For corporates, tokenisation improves treasury efficiency, enables new fundraising channels, and creates innovative customer engagement models through digital ownership. Real-world assets (e.g. real estate) can be tokenised, traded, and financed more efficiently.
- For the public sector, these technologies enhance transparency, traceability, and financial inclusion, while enabling smarter issuance of bonds or subsidies.
Tokenisation transforms how value is created, transferred, and recorded. Those that act now can redesign their products and services, access new markets, and stay competitive in an increasingly digital financial system.
"Tokenisation is the internet moment for finance. If Europe hesitates, others will lead."
Sébastien Schmitt Advisory Partner, Regulatory PracticeServices related to digital assets and tokenisation
- Asset Managers
- Asset Service Providers
- Banks / Electronic Money Institution (EMI)
- Corporates
- Public sector
- Fintechs
Asset Managers
- Support in obtaining a MiCA licence
- Digital assets and tokenisation strategy advisory
- Assistance with fund tokenisation (MMFs, UCITS, AIFs)
- Design and implementation of Target Operating Models (TOMs)
- Support with RFP processes (e.g. selection and appointment of digital asset custodians)
- Blockchain audit and smart contract assurance services
- Regulatory compliance, governance, risk, and control advisory for tokenisation and digital assets
Asset Service Providers
- Support with digital asset custody setup
- Digital assets and tokenisation strategy for Asset Service Providers
- Design and implementation of Target Operating Models (TOMs) for tokenised funds and funds investing into digital assets
- Support in obtaining a Control Agent licence
- AML/KYC transformation
- Assurance services for UCI administrators and depositaries (ISAE 3402/SOC reviews)
Banks / Electronic Money Institution (EMI)
- Strategy and business model design
- Advisory on key regulatory frameworks (e.g., MiCA, PSD2/PSD3, E-Money Directive)
- Support with token, stablecoin, and tokenised deposit issuance
- Design of tokenised payment architectures, stablecoin integration, and treasury transformation
- Regulatory, risk, and compliance advisory
- Assurance services for digital asset operations (ISAE 3402 / SOC 1 / SOC 2)
- Internal control framework design for digital asset custody and issuance
Corporates
- Tokenisation strategy and business model (e.g. tokenisation of real estate)
- Treasury and cash management transformation
- Capital raising and financing
- Cybersecurity and digital asset risk
Public sector
- Support on national digital asset and tokenisation strategy
- Regulatory and advisory policy
- Financial market infrastructure modernisation
- Public sector treasury and debt management
- Tax administration modernisation
- Blockchain beyond finance: support with digital identity and public services
Fintechs
- Assistance on regulatory and licensing
- Product & Tokenisation Design
- Operating Model & Scaling
- Support on AML, Risk & Compliance
- Assurance and controls on technology, including blockchain and smart contracts
Digital assets & tokenisation glossary
A comprehensive reference guide to key technical and regulatory terms in the digital assets ecosystem.
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