Underpinning the findings of our 2025 research is a central theme of focus and execution. With a growing focus on (immediate) returns on investment, firms are now driving their DLT and digital asset initiatives with demonstrable, short-term benefits in mind. Traders are now demanding intraday repos; bankers are launching live stablecoins and digital custody offerings; and the world's leading fund managers are launching tokenised funds. Driven by these pressures, the world's FMIs and infrastructure providers are now taking concrete steps to provide digital rails that enable a step-change in industry efficiency.

This is all happening in 2025 - with one in two custodians using DLT and digital assets to support their live, daily operations today. Looking ahead to 2026, many of these efforts are likely to move into the mainstream. Fueled by growing demand in every segment, we are likely to see trillions of dollars in tokenised or on-chain collateral turnover, hundreds of billions of dollars in bank stablecoin turnover and tens of billions of dollars in tokenised fund assets by the end of 2026.

As the last six years have demonstrated, there will not be a single trigger point of mass adoption for DLT and digital assets. Whilst several milestone developments loom on the horizon, progress will continue to be targeted, localised and incremental. Those leading the change will reap growing benefits in competitive edge (in their costs of funding, their costs of distribution and their costs of operation), driving more firms to follow one at a time.