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Institutions

Banks, asset managers, market infrastructure operators, regulators, and senior people whose appointments themselves are signal.

The tokenisation stack

4 layers · issuance to settlement

Issuer

Where the underlying claim originates: an asset manager wraps an exposure, an MMF, a private credit fund, a Treasury portfolio, into a tokenised vehicle.

Tokenisation platform

The issuance and servicing rail: mints the on-chain instrument, runs the cap table, and brokers the relationship between issuer, custodian, and holders.

Custody

Where the keys and the underlying assets sit, on both sides: a regulated custodian for the off-chain asset, a digital-asset custodian for the on-chain instrument.

Settlement & clearing

Where the cash leg meets the asset leg, increasingly atomically: the layer that decides whether tokenisation is a back-office optimisation or a genuine market-structure change.