Real-World AssetsAFME · October 19, 2026
AFME counts $39 billion of tokenised assets and a record year for DLT bond issuance.
Tokenised Treasuries remain the largest category. The report also opens a new section on tokenised deposits.
AFME's October edition of its DLT-Based Capital Market Report puts global tokenised assets at $39 billion in 2026, up from $25.5 billion in 2025. Tokenised U.S. Treasuries, including money-market funds, remain the largest category at $14.9 billion. Tokenised equity reached $3.2 billion, more than four times the prior year. Tokenised alternative investment funds reached $14.3 billion, with credit the largest category at around $8 billion.
Primary DLT fixed income issuance reached a record €8.1 billion year to date. Asian issuers accounted for 54 per cent, with the HKSAR Government's HK$20 billion issue the largest single transaction. European issuance set a new high of €3.17 billion, led by Luxembourg's €1.7 billion DLT-native ten-year sovereign bond. Stablecoin market capitalisation stood at $304 billion, almost entirely dollar-denominated. The report also opens a new section on tokenised deposits, counting at least fourteen initiatives worldwide, and records average daily DLT repo volumes of about $360 billion on Broadridge's platform.
The Calveris reading
Numbers like these are easy to read as a market arriving, and easy to dismiss as small against the trillions sitting in a single depository. Both readings miss the point. The composition matters more than the total.
Treasuries, money-market funds, and credit dominate because those are the assets where a tokenised claim changes how collateral moves. Sovereigns are the largest single issuers. This is not retail speculation. It is the plumbing of short-term funding being rebuilt, one issue at a time.