Tokenization Goes Mainstream as Broadridge and Nasdaq Signal Mass Adoption
The quiet shift in global capital markets is no longer quiet. Across wealth management, capital markets, and asset management, the tokenization of real world assets has crossed from experimental territory into live production infrastructure, backed by hard numbers and institutional capital commitments. Two landmark studies published in late February 2026, one from Broadridge Financial Solutions and one from Nasdaq in partnership with The ValueExchange , confirm what practitioners have been watching build for years: tokenization is now a strategic imperative, not a research project. The Broadridge Signal: 54% of Firms Are Investing Heavily The sixth annual 2026 Digital Transformation and Next Gen Technology Study from Broadridge, based on survey responses from more than 900 financial services technology and operations leaders globally, delivers the clearest institutional mandate yet. More than half, specifically 54% of firms , report making moderate to large investments in tokenization and digital asset infrastructure, a signal that the industry has moved decisively beyond exploration toward scaled buildout [1][2]. The study draws on responses averaging a firm AUM of $77 billion, spanning wealth management, capital markets, and asset management. The conviction is hardening: 53% of respondents now believe distributed ledger technology will "dramatically change" the way assets are settled, up 9 percentage points from 2025. Market participants expect material tokenization of money markets in roughly four years and equities in approximately five years, and Broadridge notes those estimates may already be conservative [2]. "AI proved the industry can modernize at speed. Tokenization is the next leap forward that will re architect markets. It's clear financial services firms see tokenization is a long term structural evolution to financial market infrastructure that delivers efficiency, transparency, and liquidity." [2] Germán Soto Sanchez , Chief Product and Strategy Officer, Broadridge Financial Solutions The study identifies ecosystem collaboration as a key enabler. 70% of firms describe external partnerships as critical to capturing value as tokenized market infrastructure develops, reflecting the reality that no single institution can build the interoperability frameworks the market requires [2]. Execution, not strategy, has become the primary bottleneck: 84% of firms emphasize the need for integrated platforms, while talent gaps remain acute, with 37% citing lack of skilled personnel as a barrier to agentic AI adoption and tokenization rollout alike. Nasdaq and The ValueExchange: $4.8 Billion Ready to Move The Nasdaq study, co authored with market research firm The ValueExchange and titled "Making the Case for Tokenised Collateral," reaches 203 market participants including investment banks, custodians, prime brokers, asset managers, and central counterparties. Its findings are precise: 52% of surveyed firms plan to manage live tokenized collateral by the end of 2026, a timeline that compresses the adoption curve significantly [3]. The economic case is concrete. Among Tier 1 firms managing more than $100 billion in AUM, approximately $36.8 billion sits in non renumerated collateral. Tokenization infrastructure could mobilize $4.8 billion of that pool, generating an estimated $346 million in additional annual interest earnings [3]. The operational inefficiencies driving this demand are equally striking: 70% of respondents report settlement matching and delivery issues as daily occurrences, while 35% post more than 50% of their collateral overnight , maintaining an average 7% excess buffer against operational friction. | Benefit Category | Measured Improvement | | | | | Operating cost reduction | 12% | | Collateral buffering requirement reduction | 11.6% | | Risk weighted asset cost reduction | 8.1% | | Overnight funding cost reduction | 7.8% | | Overall collateral optimisation efficiency | +3.2% | Source: Nasdaq / The ValueExchange, "Making the Case for Tokenised Collateral," 2026 [3] Daniel Upbin , VP of ETD Clearing Strategy and Solutions at Nasdaq, is measured about the pace: "Tokenisation is not an overnight transformation." He points to dual infrastructure requirements, legal clarity around capital and risk models, fragmented liquidity pools, and 24/7 operations expectations as constraints the market must resolve collectively [3]. Gerard Smith , VP and Head of Post Trade Product Strategy, frames the legal architecture as foundational: "A CSD issued asset with full legal equivalence is existential to tokenisation" [3]. Technology Partnerships Drive the Buildout The transition from pilot to production is running on a web of strategic partnerships between legacy financial institutions, blockchain infrastructure providers, custodians, and fintech platforms. Exchanges are aligning with digital asset companies to support institutional throughput and hybrid structures where tokenized equities coexist with conventional listings. Kraken's xStocks platform stands out as the largest tokenized stocks platform currently in operation, integrating conventional securities infrastructure with blockchain based settlement [4]. The partnership model addresses the core tension in tokenization: a single institution cannot deliver regulatory compliance, custody integration, price feed integrity, 24/7 settlement, and cross border liquidity simultaneously. Consortia are now competing to establish interoperability standards, and the outcome of those standards battles will determine which networks carry the tokenized asset volumes of the next decade [4]. Regulatory compliance integration, specifically the fusion of KYC, AML, and transaction surveillance into smart contract frameworks, has emerged as a distinct service layer that legal advisors and regtech companies are building alongside financial institutions [4]. Morgan Stanley Names the Moment Morgan Stanley's Global Investment Committee characterizes the cur…