Tokenization is moving higher on the executive agenda.
As leaders consider where and how to participate, they are assessing the infrastructure, controls, governance, and operating models needed to support tokenized and traditional markets without managing fragmented onchain infrastructure.
Based on a survey of North American senior leaders across capital markets, asset management, and wealth management, Broadridge's 2026 Tokenization Pulse Study explores tokenization’s next phase. The following five questions can help executive teams determine where to focus, what to build, and how to prepare.
1. Has tokenization become a strategic priority for our business?
Eighty-four percent of financial services firms now view tokenization as strategically important. Nearly two-thirds expect to be ready to offer tokenized assets within the next two years, and almost one-third plan to increase investment by at least 26% over that same period.
Those findings suggest tokenization has earned a place on the executive agenda. Leadership teams should start to consider where tokenization fits within their transformation agenda and where they want to compete as adoption accelerates.
2. Are we preparing for digital markets or hybrid markets?
One of the clearest findings from the study is that firms are planning for coexistence.
Ninety-two percent of respondents expect digital and traditional assets to coexist for the foreseeable future, while 69% plan to hybridize existing infrastructure rather than build entirely separate environments.
The findings suggest tokenized and traditional markets will evolve side by side for years to come. Instead of asking when legacy infrastructure disappears, executives should be asking how existing operating models, workflows, and technologies evolve to support both traditional and tokenized assets simultaneously.
As Germán Soto Sanchez, Chief Product Officer and Co-President of Digital Assets at Broadridge, observes: “The challenge is no longer issuing a token. It's ensuring the legal, operational, and governance framework around that token is as dependable as the traditional asset it represents.”
Germán Soto Sanchez, Chief Product Officer and Co-President of Digital Assets
3. What's really driving adoption?
One of the study's biggest surprises is that customer demand isn't the primary catalyst of adoption.
Instead, firms are responding to broader market signals. Among capital markets firms, market infrastructure developments and institutional demand are tied as the leading sources of urgency (22% each). Asset managers place even greater emphasis on market infrastructure (28%) and broader market momentum (25%), while wealth managers are more influenced by retail investor demand (18%) and regulatory developments (18%).
The findings suggest firms are responding to an ecosystem that is maturing across infrastructure, regulation, and market participation. Rather than waiting for a single catalyst, they're positioning themselves for where the market is headed.
4. Where will competitive advantage come from?
Not every segment of the industry is moving at the same pace.
Today, 44% of capital markets firms report that tokenization is live in production or scaled into operations, compared with 20% of asset managers and 9% of wealth managers. Capital markets firms also project faster adoption across every asset class measured in the study, from public market funds and money markets to equities and private companies.
The advantage, however, will not come simply from issuing a token first. It will come from building the operational, governance, risk, and distribution capabilities needed to make tokenized assets work within established market structures.
The common thread is preparation. The firms that invest now in integrated operating models, trusted controls, and the ability to connect traditional and digital workflows will be better positioned as adoption accelerates.
5. Where should we place our bets?
The study also reinforces that adoption won't happen uniformly across every asset class.
Eighty percent of respondents expect tokenized mutual funds and money market funds to play a meaningful role within the next five years, while expectations for other asset classes are more measured. That reflects an industry thinking pragmatically about where tokenization can deliver value first, rather than assuming every market will evolve at the same pace.
The organizations that identify where tokenization aligns with their business priorities—and invest with intention—will be best positioned as the market continues to evolve.
Looking ahead
Tokenization has entered a new chapter.
“The firms that get ahead won't wait for every uncertainty to disappear,” says Soto Sanchez. “They'll build the infrastructure, controls, partnerships, and operating models they'll need before adoption reaches full scale.”
The full Broadridge Tokenization Pulse Study explores where firms are investing, which asset classes are gaining momentum, and what financial services leaders see coming next.