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Yasuda on Tokenization

保田氏がトークン化について語る

July 14th 2025

Major Banking Giants Embrace Blockchain Infrastructure for Real-World Assets

  • JPMorgan's blockchain unit Kinexys launched a groundbreaking initiative this week to tokenize global carbon credits, partnering with industry leaders S&P Global Commodity Insights, EcoRegistry, and International Carbon Registry. This represents one of the first major deployments of blockchain technology by a top-tier investment bank for environmental asset tokenization. The pilot program will test end-to-end tokenization of carbon credits, creating digital representations of these increasingly valuable environmental assets that can be traded, tracked, and settled with unprecedented transparency and efficiency.
  • This development signals a fundamental shift in how traditional financial institutions view blockchain technology's role in asset management. Carbon credits, valued at over $2 billion globally and growing rapidly due to corporate ESG mandates, represent an ideal testing ground for tokenization benefits. The involvement of established data providers like S&P Global adds institutional credibility while addressing the authentication and verification challenges that have historically plagued carbon credit markets. For wealth managers, this validates tokenization as a legitimate tool for accessing alternative investment opportunities with clear regulatory backing.
  • For potential investors, JPMorgan's entry into RWA tokenization opens doors to a new asset class that combines environmental impact with financial returns. The bank's infrastructure expertise and regulatory relationships provide the institutional-grade security and compliance frameworks that sophisticated investors demand. Wealth managers can now point to concrete examples of how tokenization improves asset accessibility, reduces transaction costs, and enhances portfolio diversification through previously illiquid environmental assets.
  • Looking ahead, expect other major banks to follow JPMorgan's lead in tokenizing alternative assets. The success of this carbon credit initiative could accelerate similar programs for real estate, commodities, and private equity. Monitor regulatory responses, particularly from the SEC and European authorities, as positive reception could fast-track approval for broader tokenization programs across traditional asset classes.

Regulatory Breakthroughs Create Global Market Access for Digital Asset Managers

  • Three major jurisdictions implemented significant regulatory frameworks this week that expand market access for institutional crypto and tokenization services. Pakistan established the Pakistan Virtual Assets Regulatory Authority (PVARA) through presidential ordinance, potentially bringing $25 billion in virtual assets into the regulated framework. Nigeria's Investment and Securities Act 2025 officially classified cryptocurrencies as securities under SEC oversight, while Indonesia transferred cryptocurrency regulation to its Financial Services Authority, streamlining compliance for international operators. These developments represent over 450 million people gaining access to regulated digital asset frameworks.
  • The regulatory clarity emerging across these high-growth markets creates unprecedented opportunities for asset managers seeking global distribution. Pakistan's central bank commitment to complete digital currency pilots by June 2026 suggests government support for blockchain infrastructure development. Nigeria's formal recognition of crypto as securities provides the legal foundation that institutional investors require for compliance, while Indonesia's transition to financial services oversight indicates maturation toward traditional finance standards. Combined, these markets represent billions in potential asset allocation that was previously inaccessible due to regulatory uncertainty.
  • For investment managers, these regulatory developments offer concrete pathways to expand tokenized fund distribution into markets with young, tech-savvy populations and growing wealth. Wealth managers can now confidently discuss international diversification through tokenized products, knowing that robust regulatory frameworks exist to protect client investments. The standardization of oversight under securities regulators creates familiar compliance structures that reduce operational complexity for firms already managing traditional assets across multiple jurisdictions.
  • The momentum toward regulatory standardization suggests that 2025 could be the breakthrough year for global tokenization adoption. Watch for similar regulatory clarity in other emerging markets, particularly those with large expatriate populations or significant remittance flows. The establishment of bilateral cooperation agreements between these newly regulated markets and established financial centers could accelerate cross-border tokenized asset flows within months.

Institutional Crypto Adoption Reaches Tipping Point as Survey Reveals 86% Participation

  • A comprehensive survey by Coinbase and EY-Parthenon revealed that 86% of institutional investors either have existing cryptocurrency exposure or plan allocations in 2025, with 84% increasing their crypto allocations during 2024. Most significantly, 59% of institutions plan to allocate more than 5% of assets under management to cryptocurrencies, representing a dramatic shift from experimental allocations to meaningful portfolio positions. This data confirms that institutional adoption has moved beyond early adopters to mainstream acceptance across pension funds, endowments, and asset management firms.
  • The survey results validate the investment thesis that digital assets are transitioning from alternative investments to core portfolio components. The 5% allocation threshold is particularly significant because it represents the level at which institutional investors typically require dedicated operational infrastructure, specialized custody solutions, and formal investment committees. This scale of adoption creates sustainable demand for tokenization services and digital asset management platforms, moving the industry beyond retail-driven volatility toward institutionally-backed stability and growth.
  • For wealth managers, these statistics provide powerful validation when discussing digital asset allocation with traditionally conservative clients. The institutional participation data demonstrates that crypto exposure is no longer experimental but represents prudent diversification among sophisticated investors. Investment managers can leverage this institutional validation to justify tokenization initiatives, knowing that clients increasingly expect digital asset capabilities as standard service offerings rather than innovative extras.
  • The acceleration toward meaningful institutional allocations suggests that 2025 will be remembered as the year digital assets achieved mainstream acceptance. Monitor institutional custody growth, regulatory ETF approvals, and traditional asset manager product launches as leading indicators of continued adoption. The infrastructure required to support 5%+ institutional allocations will drive significant investment in tokenization platforms, creating opportunities for early-stage partnerships with established financial institutions.

Stablecoin Infrastructure Expands as Banking Partnerships Legitimize Payment Rails

  • Two major developments this week strengthened the infrastructure connecting traditional banking with stablecoin payment systems. Ripple's RLUSD stablecoin gained custody and trading support from Swiss FINMA-licensed AMINA Bank, marking one of the first adoptions by a traditional European banking entity. Simultaneously, Coinbase reported that its Base blockchain processed $6.8 trillion in USDC-related settlement volume year-to-date, with partnerships including Stripe, Shopify, and Nodal Clear driving non-trading revenue to 42% of total company revenue. These developments demonstrate that stablecoins are successfully bridging traditional finance with blockchain-based settlement systems.
  • The banking industry's embrace of stablecoin infrastructure addresses the final barrier to mainstream tokenization adoption: trusted payment and settlement mechanisms. Swiss banking involvement provides European regulatory credibility, while the $6.8 trillion settlement volume proves that blockchain-based payment rails can handle institutional-scale transaction flows. For asset managers, this infrastructure maturation means that tokenized products can now operate with the same payment reliability and regulatory compliance as traditional financial products, removing operational barriers that previously limited institutional adoption.
  • For potential investors, these partnerships signal that tokenized assets will soon offer the same payment convenience and security as traditional investments, eliminating the technical complexity that has historically deterred mainstream adoption. Wealth managers can confidently present tokenization as operationally equivalent to traditional asset management, knowing that established payment processors and banking relationships provide familiar transaction experiences. The revenue diversification at major crypto companies away from trading toward infrastructure services indicates sustainable business models that reduce platform risk for institutional clients.
  • The stablecoin infrastructure buildout positions tokenization platforms for rapid scaling once regulatory clarity expands globally. Expect traditional banks to announce similar blockchain partnerships as they compete to capture payment processing fees from growing digital asset flows. Monitor stablecoin adoption metrics and banking partnership announcements as early indicators of which platforms will dominate institutional tokenization services in the coming years.

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