토큰화 증권 시장 : 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the tokenized securities market size is expected to increase from USD 24.69 billion in 2025 to USD 35.82 billion in 2026 and reach USD 184.27 billion by 2031, growing at a CAGR of 38.76% over 2026-2031.

This report is Segmented by Asset Class (Tokenized Equity Securities, and More), by Investor Type (Institutional Investors, Retail Investors), by Tokenization (Native Tokenized Securities, and More), Issuer Type (Traditional Financial Institutions, Corporate Issuers, and More), and Geography (North America, South America, and More). The Market Forecasts are Provided in Terms of Value (USD).

Global Tokenized Securities Market Trends and Insights

Regulatory Clarity in Major Financial Centers

The March 2026 SEC and CFTC interpretive release resolved a central legal uncertainty in the tokenized securities market by defining digital securities as the crypto-asset category subject to full United States securities law obligations. One day later, the SEC approved Nasdaq to trade tokenized and traditional shares on unified order books with identical execution priority, signaling that on-chain and off-chain securities can be treated with functional parity within regulated exchange infrastructure. In Singapore, the revised Guide on the Tokenization of Capital Markets Products raised securities compliance expectations across issuance, trading, custody, and settlement, thereby strengthening the operating framework for institutions seeking end-to-end compliance clarity. Taken together, these actions narrow the old cost advantage of loosely regulated offshore venues because major financial centers now offer clearer rules and more credible operating conditions. That shift is accelerating internal approval cycles across banks, asset managers, and long-term institutional allocators in the tokenized securities market.

Rising Institutional Allocation to Tokenized Funds and Public Securities

Institutional participation in the tokenized securities market is rising because large firms are now launching regulated products rather than limiting activity to pilots. J.P. Morgan Asset Management launched MONY in December 2025 as its first tokenized money market fund, and it followed that with JLTXX in 2026, which broadened the range of tokenized liquidity products available to qualified investors. Goldman Sachs and BNY also launched a tokenized money market fund solution in July 2025, demonstrating that large financial institutions are treating tokenized fund shares as usable capital-market infrastructure rather than as experimental wrappers. The demand driver is not only about product access; institutions also want tokenized securities that can move more efficiently through collateral, treasury, and settlement workflows. As a result, the tokenized securities market is drawing capital from operating functions that sit outside traditional portfolio allocation buckets.

Regulatory Fragmentation Across Jurisdictions

The tokenized securities market still faces a major cross-border limit because regulatory frameworks are becoming clearer within jurisdictions faster than they are becoming compatible across jurisdictions. The OECD noted in January 2025 that differing legal treatments across markets threaten settlement finality and can trap liquidity within national or regional silos, thereby directly weakening one of the main efficiency claims behind tokenization. MAS also clarified in June 2025 that digital token service providers would face a stricter licensing bar under the next phase of Singapore's regime, which shows that compliance thresholds can rise sharply even in innovation-friendly centers. The practical result is that firms often need separate legal entities, licensing structures, and control frameworks to distribute similar products into different regions. That raises cost, slows rollout, and limits how quickly the tokenized securities market can scale across borders.

Other drivers and restraints analyzed in the detailed report include:

1. Demand for Fractional Access to Premium Securities and Funds
2. Growing Use of Tokenized Treasuries as Collateral and Cash Management Instruments
3. Smart-Contract, Oracle, and Custody Risk

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Debt and fixed income accounted for 61.36% of the tokenized securities market in 2025, making it the leading asset class by a wide margin. This segment gained scale first because short-duration Treasuries and money market instruments are easier to value, regulate, and position as collateral-grade assets within institutional workflows. The DTCC pilot authorized in late 2025 includes United States Treasuries and major ETFs, which reinforces the role of fixed income as the operational bridge between existing post-trade systems and tokenized issuance models. Product launches from J.P. Morgan Asset Management, Goldman Sachs, and BNY also support this pattern, as tokenized money-market and Treasury-linked structures are already being used to improve liquidity management and settlement flexibility. In practice, fixed income remains the anchor of the tokenized securities industry because it offers the clearest path from proof of concept into repeat institutional use.

Equity securities are the fastest-growing asset class, and the tokenized securities market size for this segment is projected to expand at 46.21% CAGR through 2031. Growth is accelerating because the required infrastructure for order-book integration, shareholder communications, and corporate action handling is now becoming more credible at a regulated scale. The SEC approval that allows Nasdaq to trade tokenized and traditional shares on a unified order book is a major step because it creates a template for listed equity tokenization within a familiar exchange environment. Proxy voting support is also improving, as shown by Ondo Finance's integration with Broadridge for more than 250 tokenized stocks and ETFs, which addresses one of the practical gaps that had slowed equity adoption. Fund shares and collective investment products also benefit from this infrastructure buildout. In contrast, other tokenized securities, such as private credit and real-asset-linked products, are likely to grow more gradually until secondary trading and legal transfer standards improve.

Institutional investors held 91.48% of the tokenized securities market in 2025, underscoring the concentration of early demand among qualified and regulated participants. The product structure of the tokenized securities market still reflects that base, because many offerings require KYC and AML screening, wallet allowlisting, and ongoing compliance checks before investors can subscribe or transfer holdings. J.P. Morgan Asset Management's MONY and JLTXX are clear examples, as both products sit within controlled distribution and reporting environments aimed at serious liquidity management use cases rather than open retail access. Institutional dominance also persists because legal ownership clarity, collateral eligibility, and operational continuity matter more to large allocators than novelty. For now, the tokenized securities industry remains led by institutions that can absorb compliance complexity and demand robust operational controls.

Retail investors are the fastest-growing investor group, and their participation in the tokenized securities market is forecast to rise at 48.72% CAGR through 2031. This shift is being supported by consumer-facing platforms that are opening fractional exposure to public securities and funds through wallet-based or app-based channels. Binance's 2026 launch of fractional United States stock access at USD 5 and its planned bStocks structure illustrate how retail distribution is moving from concept to live product design. Retail expansion also increases the operating burden on issuers and platforms, as investor communication, suitability reviews, and identity verification must scale across a much larger user base. As that user base grows, the tokenized securities market will need stronger rules around disclosures, trading windows, dispute resolution, and treatment of corporate actions for non-institutional holders.

Complete Report Scope:

• By Asset Class
  • Tokenized Equity Securities
  • Tokenized Debt / Fixed Income Securities
  • Tokenized Fund Shares / Collective Investment Schemes
  • Other Tokenized Securities
• By Investor Type
  • Institutional Investors
  • Retail Investors
• By Tokenization
  • Native Tokenized Securities
  • Non-Native / Represented / Wrapped
  • Hybrid Structures
• By Issuer Type
  • Traditional Financial Institutions
  • Crypto-Native / Specialized Tokenization Platforms
  • Public Sector & Development Institutions
  • Corporate Issuers
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Chile
    • Peru
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Italy
    • BENELUX (Belgium, Netherlands, and Luxembourg)
    • NORDICS (Denmark, Finland, Iceland, Norway, and Sweden)
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Australia
    • South Korea
    • South East Asia (Singapore, Malaysia, Thailand, Indonesia, Vietnam, and Philippines)
    • Rest of Asia-Pacific
  • Middle East and Africa
    • United Arab Emirates
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of Middle East and Africa

Geography Analysis

North America captured 67.34% of the tokenized securities market share in 2025, which made it the clear regional center of activity. The region benefits from the depth of the United States market infrastructure, the concentration of major asset managers and market utilities, and a sequence of regulatory approvals that now support issuance, trading, and settlement more coherently. DTCC received authorization for its tokenization service in December 2025 and confirmed live-pilot trading and commercial-launch milestones in 2026, which will give North America a strong institutional operating base. The SEC and CFTC interpretive release and the Nasdaq approval in March 2026 added legal and exchange-level clarity, which further strengthened the region's first-mover position. This combination means the tokenized securities market in North America is already moving from pilot activity toward production-grade implementation.

Europe is the fastest-growing regional segment, and the tokenized securities market size in this geography is projected to expand at 44.25% CAGR through 2031. Growth is being supported by a more active policy agenda around wholesale market tokenization, fund tokenization, and digital asset infrastructure. In the United Kingdom, the FCA issued PS26/7 in May 2026 and set the Blueprint model as the operating framework for tokenized authorized funds, providing firms with a clearer path to launch and supervision. The Bank of England and FCA also set out a shared vision for tokenization in wholesale markets in May 2026, which supports longer-term changes in settlement and payments infrastructure. Europe still faces classification and interoperability frictions, but the policy direction is making the region more attractive for the tokenized securities market.

Asia-Pacific accounts for a smaller share today, but it remains one of the most important regions for future expansion in the tokenized securities market. Singapore set a high compliance benchmark with its revised tokenization guide and the 2025 clarification of the licensing regime for digital token service providers, making it a reference market for institutional-grade issuance and servicing. In Japan, SBI Holdings announced its first security token bond series for individual investors in February 2026, indicating that retail-facing security token products are also beginning to develop under regulated local structures. The Middle East is also emerging through ADGM-linked distribution structures such as Binance's planned bStocks framework. At the same time, South America remains at an earlier exploratory stage in the tokenized securities market.

1. Securitize
2. Ondo Finance
3. Broadridge Financial Solutions, Inc.
4. DTCC
5. tZERO Technologies, LLC
6. Tokeny Solutions SA
7. INX Digital Company, Inc.
8. Fireblocks Inc.
9. Chainlink Labs, Inc.
10. Polymesh Association
11. ADDX Pte. Ltd.
12. Apex Group Ltd.
13. BlackRock, Inc.
14. Franklin Resources, Inc.
15. JPMorgan Chase and Co.
16. Goldman Sachs Group, Inc.
17. BNY
18. Citi
19. Nasdaq, Inc.
20. HSBC Holdings plc
21. Deutsche Borse AG

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET LANDSCAPE

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Regulatory Clarity in Major Financial Centers
  • 4.2.2 Rising Institutional Allocation to Tokenized Funds and Public Securities
  • 4.2.3 Demand for Fractional Access to Premium Securities and Funds
  • 4.2.4 Growing Use of Tokenized Treasuries as Collateral and Cash Management Instruments
  • 4.2.5 Infrastructure Convergence Between Market Utilities, Banks, and Digital Asset Platforms
  • 4.2.6 24/7 Secondary Market Demand from Digitally Native Investors
• 4.3 Market Restraints
  • 4.3.1 Regulatory Fragmentation Across Jurisdictions
  • 4.3.2 Smart-Contract, Oracle, and Custody Risk
  • 4.3.3 Limited Standardization of Legal Ownership and Transfer Rights
  • 4.3.4 Thin Liquidity Outside a Few Flagship Products
• 4.4 Value Chain Analysis
• 4.5 Regulatory Landscape
• 4.6 Technological Outlook
• 4.7 Porter's Five Forces Analysis
  • 4.7.1 Bargaining Power of Suppliers
  • 4.7.2 Bargaining Power of Buyers
  • 4.7.3 Threat of New Entrants
  • 4.7.4 Threat of Substitutes
  • 4.7.5 Industry Rivalry

5 MARKET SIZE AND GROWTH FORECASTS

• 5.1 By Asset Class
  • 5.1.1 Tokenized Equity Securities
  • 5.1.2 Tokenized Debt / Fixed Income Securities
  • 5.1.3 Tokenized Fund Shares / Collective Investment Schemes
  • 5.1.4 Other Tokenized Securities
• 5.2 By Investor Type
  • 5.2.1 Institutional Investors
  • 5.2.2 Retail Investors
• 5.3 By Tokenization
  • 5.3.1 Native Tokenized Securities
  • 5.3.2 Non-Native / Represented / Wrapped
  • 5.3.3 Hybrid Structures
• 5.4 By Issuer Type
  • 5.4.1 Traditional Financial Institutions
  • 5.4.2 Crypto-Native / Specialized Tokenization Platforms
  • 5.4.3 Public Sector & Development Institutions
  • 5.4.4 Corporate Issuers
• 5.5 By Geography
  • 5.5.1 North America
    • 5.5.1.1 United States
    • 5.5.1.2 Canada
    • 5.5.1.3 Mexico
  • 5.5.2 South America
    • 5.5.2.1 Brazil
    • 5.5.2.2 Argentina
    • 5.5.2.3 Chile
    • 5.5.2.4 Peru
    • 5.5.2.5 Rest of South America
  • 5.5.3 Europe
    • 5.5.3.1 United Kingdom
    • 5.5.3.2 Germany
    • 5.5.3.3 France
    • 5.5.3.4 Spain
    • 5.5.3.5 Italy
    • 5.5.3.6 BENELUX (Belgium, Netherlands, and Luxembourg)
    • 5.5.3.7 NORDICS (Denmark, Finland, Iceland, Norway, and Sweden)
    • 5.5.3.8 Rest of Europe
  • 5.5.4 Asia-Pacific
    • 5.5.4.1 India
    • 5.5.4.2 China
    • 5.5.4.3 Japan
    • 5.5.4.4 Australia
    • 5.5.4.5 South Korea
    • 5.5.4.6 South East Asia (Singapore, Malaysia, Thailand, Indonesia, Vietnam, and Philippines)
    • 5.5.4.7 Rest of Asia-Pacific
  • 5.5.5 Middle East and Africa
    • 5.5.5.1 United Arab Emirates
    • 5.5.5.2 Saudi Arabia
    • 5.5.5.3 South Africa
    • 5.5.5.4 Nigeria
    • 5.5.5.5 Rest of Middle East and Africa

6 COMPETITIVE LANDSCAPE

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share Analysis
• 6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share, Products and Services, Recent Developments)
  • 6.4.1 Securitize
  • 6.4.2 Ondo Finance
  • 6.4.3 Broadridge Financial Solutions, Inc.
  • 6.4.4 DTCC
  • 6.4.5 tZERO Technologies, LLC
  • 6.4.6 Tokeny Solutions SA
  • 6.4.7 INX Digital Company, Inc.
  • 6.4.8 Fireblocks Inc.
  • 6.4.9 Chainlink Labs, Inc.
  • 6.4.10 Polymesh Association
  • 6.4.11 ADDX Pte. Ltd.
  • 6.4.12 Apex Group Ltd.
  • 6.4.13 BlackRock, Inc.
  • 6.4.14 Franklin Resources, Inc.
  • 6.4.15 JPMorgan Chase and Co.
  • 6.4.16 Goldman Sachs Group, Inc.
  • 6.4.17 BNY
  • 6.4.18 Citi
  • 6.4.19 Nasdaq, Inc.
  • 6.4.20 HSBC Holdings plc
  • 6.4.21 Deutsche Borse AG

7 MARKET OPPORTUNITIES AND FUTURE OUTLOOK

• 7.1 White-space and Unmet-Need Assessment