Tokenised investments: understanding the next evolution of investing

Tokenisation is rapidly moving from industry discussion to real-world adoption. From money market funds and bonds to real estate and private credit, a growing range of assets can now be represented as digital tokens on blockchain infrastructure. Financial institutions, asset managers and market infrastructure providers are increasingly exploring tokenisation as a way to modernise how assets are issued, held, transferred and managed.

The shift is already visible in practice. BlackRock’s BUIDL, a tokenised money market fund launched in 2024, demonstrated how traditional assets can be issued and managed on blockchain infrastructure while remaining tied to regulated underlying investments.[1] Similar initiatives are emerging across tokenised treasuries, bonds, funds and private market assets.

This article explains what tokenised investments are, how they work, the types available today, emerging trends in 2026, and what investors should consider when exploring this fast-evolving market.

• Tokenised investments are digital representations of ownership or economic rights in traditional or real-world assets recorded on a blockchain.
• Assets that can be tokenised include money market funds, bonds, equities, real estate, commodities and private market investments.
• Potential benefits may include fractional ownership, enhanced transparency, more efficient settlement and broader accessibility, depending on the specific product and regulatory framework.
• In 2026, institutional adoption is increasingly focused on tokenised treasuries, money market funds, private credit and fund structures rather than purely experimental use cases.
• As with any investment, tokenised products carry risks including regulatory uncertainty, evolving market infrastructure, liquidity constraints, and technology-related operational risks. These should be carefully assessed before investing.

A tokenised investment is a digital representation of ownership rights, economic rights, or exposure to an underlying asset that is recorded on a blockchain. The underlying asset remains the same, but ownership and transfer can be managed through digital tokens rather than traditional record-keeping systems.

Think of tokenisation as a digital wrapper around an asset. Rather than holding ownership through paper certificates, registries or conventional databases, ownership can be represented by blockchain-based tokens.

For example:

• A money market fund can be issued as digital tokens.
• A government bond can be represented on a blockchain.
• A commercial property can be divided into thousands of tokenised ownership units.
• A piece of artwork can be fractionally owned by multiple investors through digital tokens.

Importantly, tokenisation may not necessarily change the underlying investment. It changes how ownership is recorded, transferred and administered.

Tokenisation now spans a broad range of asset classes. While the market continues to evolve, most tokenised investments fall into four broad categories.

Tokenised securities

These are traditional financial instruments represented on blockchain infrastructure. Examples include equities, ETFs, corporate bonds, government bonds and investment funds. The underlying investment mostly remains unchanged, but issuance, ownership records and settlement can be managed digitally.

Tokenised real estate

Property ownership can be divided into digital units, enabling multiple investors to gain exposure to a single asset. This may lower entry barriers compared with purchasing an entire property.

Tokenised commodities

Assets such as gold, silver, carbon credits and other commodities can be represented as blockchain-based tokens. These tokens provide exposure to underlying physical assets through digital ownership infrastructure, though investors should consider the technology and custody risks associated with blockchain-based holdings.

Tokenised private markets

Private credit, private equity and alternative investments are being explored through tokenisation.

The concept of tokenisation first gained attention through cryptocurrencies. However, institutional adoption has increasingly shifted towards representing traditional assets on blockchain infrastructure rather than creating entirely new asset classes.

Early stage: experimentation

Initial projects focused on proving that assets could be represented digitally on a blockchain. Adoption remained limited due to regulatory uncertainty and immature infrastructure.

Growth stage: regulated pilots

Financial institutions began exploring tokenised bonds, tokenised deposits and blockchain-based settlement systems. Regulatory frameworks around the world are still evolving.

Today: operational deployment

In 2026, tokenisation is increasingly being incorporated into existing financial workflows. Tokenised treasuries, money market funds, private credit and investment funds are among the most active sectors attracting institutional interest. [2]

Tokenised money market funds

One of the evolving areas of adoption is tokenised money market funds. These products combine traditional cash-management investments with blockchain-based ownership, attracting interest from institutions seeking operational efficiency and digital asset integration. As with traditional money market funds, returns are not guaranteed and investors should assess risks including credit exposure, liquidity, and the operational maturity of the digital infrastructure.

Institutional treasury products

Tokenised treasury products continue to gain traction as investors seek exposure to government-backed instruments through digital infrastructure. BlackRock’s BUIDL is among the most recognised examples of this trend. [3]

Private credit and private markets

Private credit is as one of the more active segments within real-world asset tokenisation. Institutions are increasingly exploring tokenisation as a way to improve administration, reporting and investor access, though investors should carefully assess the credit, liquidity, and valuation risks inherent in private market assets.

Fractional ownership of alternative assets

Real estate, artwork, collectibles and commodities continue to attract attention because tokenisation can enable ownership to be divided into smaller units, potentially broadening access to assets that have historically required significant capital.

Regulated custody and infrastructure

As tokenised investments evolve, so does the importance of regulated custody, governance and investor protection. Institutional adoption increasingly focuses on trusted providers with established compliance, security and custody frameworks.

While tokenisation introduces potential operational benefits, investors should carefully assess several risk factors before allocating to tokenised products.

Market and investment risk

Tokenised products are subject to the same market risks as their underlying assets. Returns are not guaranteed, and asset values can fluctuate.

Liquidity risk

Secondary markets for many tokenised assets remain nascent. Investors may face challenges exiting positions, particularly in less liquid asset classes such as private credit or real estate.

Regulatory risk

The regulatory treatment of tokenised assets varies across jurisdictions and continues to evolve. Changes in regulatory frameworks could affect product availability, transferability, or tax treatment.

Technology and operational risk

Blockchain infrastructure introduces risks including smart contract vulnerabilities, platform dependency, and operational complexity. Investors should assess the maturity and resilience of the technology underpinning any tokenised product.

Custody and counterparty risk

The security of tokenised assets depends on custody arrangements and the financial stability of the provider. Investors should evaluate governance frameworks, insurance provisions, and asset segregation practices.

Tokenised investments represent an important development in the evolution of modern finance. By combining traditional investment products with blockchain-based infrastructure, tokenisation has the potential to improve efficiency, transparency and accessibility across multiple asset classes.

While the technology continues to evolve, the focus in 2026 is increasingly shifting from experimentation to practical deployment. From tokenised money market funds and bonds to real estate and private credit, tokenisation is becoming an increasingly relevant topic for investors seeking to understand the future direction of financial markets.

As with any investment, opportunities, risks, liquidity, eligibility requirements and regulatory considerations should be assessed carefully before investing.

Where can asset tokens be bought?

Asset tokens may be available through regulated financial institutions, digital asset platforms, licensed brokers or approved marketplaces, depending on the product structure and local regulations. Availability varies by jurisdiction, applicable law and investor eligibility.

How will my tokens be secured and held in custody?

Tokenised assets are typically held through regulated custodians, qualified custody providers, regulated banks or specialised digital asset custody solutions. Security arrangements, including which entity holds the asset and how it is safeguarded, vary by provider, product structure, applicable law, and jurisdiction.

Can token holders transfer their security tokens to a private wallet?

This depends on the specific product. Some tokenised securities permit transfers may only between approved or whitelisted wallets to comply with regulatory requirements.

What are the benefits of tokenised investments compared to traditional investing? Potential benefits may include more efficient settlement, fractional ownership opportunities, greater transparency and broader accessibility. Actual benefits depend on the product structure and regulatory framework. However, as mentioned above, risks relating to such investments will continue to persist.

What types of real-world assets can be tokenised and invested in?

Examples include real estate, bonds, money market funds, equities, commodities, carbon credits, private credit and investment funds.

Can I start investing in tokenised assets with a smaller amount of capital?

Some tokenised investments support fractional ownership, which may lower minimum investment amounts. However, minimum investment requirements vary by product and provider.

Why should I consider a regulated bank for tokenised investments and digital asset custody?

A regulated bank may provide established governance frameworks, compliance oversight, asset protection measures, operational controls and integrated custody infrastructure. This can be particularly important when accessing emerging investment products such as tokenised securities and digital assets.

Disclaimer, Research and Educational Content

This document has been prepared by AMINA Bank AG (“AMINA”). AMINA is a Swiss licensed bank and securities dealer with its head office and legal domicile in Switzerland. It is authorised and regulated by the Swiss Financial Market Supervisory Authority (“FINMA”).

This document is published solely for educational purposes; it is not an advertisement nor a solicitation or an offer to buy or sell any financial investment or to participate in any particular investment strategy. This document is for publication only on AMINA website, blog, and AMINA social media accounts as permitted by applicable law. It is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or would subject AMINA to any registration or licensing requirement within such jurisdiction.

Research will initiate, update and cease coverage solely at the discretion of AMINA. This document is based on various sources, incl. AMINA ones. In preparing this document, AMINA may have made limited use of artificial intelligence enabled tools to assist with research, summarisation, and drafting, with all content subject to human review and validation.

No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this document, except with respect to information concerning AMINA. The information is not intended to be a complete statement or summary of the subjects alluded to in the document, whereas general information, financial investments, markets or developments. AMINA does not undertake to update or keep current information. Any statements contained in this document attributed to a third party represent AMINA’s interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party.

Any formulas, equations, or prices stated in this document are for informational or explanatory purposes only and do not represent valuations for individual investments. There is no representation that any transaction can or could have been affected at those formulas, equations, or prices, and any formula(s), equation(s), or price(s) do not necessarily reflect AMINA’s internal books and records or theoretical model based valuations and may be based on certain assumptions. Different assumptions by AMINA or any other source may yield substantially different results.

Nothing in this document constitutes a representation that any investment strategy or investment is suitable or appropriate to an investor’s individual circumstances or otherwise constitutes a personal recommendation. Investments involve risks, and investors should exercise prudence and their own judgment in making their investment decisions. Financial investments described in the document may not be eligible for sale in all jurisdictions or to certain categories of investors. Certain services and products are subject to legal restrictions and cannot be offered on an unrestricted basis to certain investors. Recipients are therefore asked to consult the restrictions relating to investments, products or services for further information. Furthermore, recipients may consult their legal/tax advisors should they require any clarifications.

At any time, investment decisions (including, among others, deposit, buy, sell or hold investments) made by AMINA and its employees may differ from or be contrary to the opinions expressed in AMINA research publications.

This document may not be reproduced, or copies circulated without prior authority of AMINA. Unless otherwise agreed in writing, AMINA expressly prohibits the distribution and transfer of this document to third parties for any reason. AMINA accepts no liability whatsoever for any claims or lawsuits from any third parties arising from the use or distribution of this document.

©2026 AMINA, Kolinplatz 15, 6300 Zug