Traditional Banks Process More Tokenized Assets in Hours Than Crypto Platforms in MonthsInstitutional Repos Dwarf Retail Tokenized Equity Products

Broadridge Financial Solutions (NASDAQ: BR) reported its blockchain-based repo platform processed $385 billion in average daily volumes during October, a 492% jump from the $65 billion recorded in the same month last year.

The October figure represents a 13% increase from September's $339 billion average and puts the Distributed Ledger Repo platform well ahead of crypto exchanges entering tokenized equity markets.

While Bitget recently crossed $1 billion in cumulative stock futures volume and Kraken reported $5 billion in total tokenized equity trades, Broadridge's repo platform processes that level of activity in roughly one to two days.

Institutional Repos Dwarf Retail Tokenized Equity Products

The gap between institutional tokenized settlement and retail-facing products remains wide. Broadridge's DLR platform handles repurchase agreements, short-term collateralized loans used by banks and dealers to fund securities inventories. These transactions involve actual treasury securities and other fixed income instruments, not derivatives.

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Crypto platforms like Bitget offer futures contracts tied to stock prices rather than ownership of underlying shares. Tesla-linked contracts led Bitget's volumes with $380 million in total trading since launch in July. Broadridge processes more than that amount in treasury repos every hour based on October's daily averages.

The platform's growth reflects wider adoption of distributed ledger technology in traditional finance. Tokenized treasury and money market products reached $7.4 billion in assets by mid-2025, up 80% from the start of the year, according to data from RWA.xyz. That figure covers funds and bonds issued on-chain, separate from the repo settlement volumes Broadridge handles.

Survey Shows 80% of Early Adopters Cite Efficiency Gains

Broadridge released findings from its 2025 tokenization survey alongside the October volume data. The report claims more than 80% of institutions testing tokenized settlement cite improved operational efficiency and client engagement.

The company positions its repo platform as the largest institutional system for settling tokenized real assets. Broadridge already processes repo transactions for 19 of the 24 primary dealers in U.S. government securities through conventional systems, giving it existing relationships with the banks and dealers now testing blockchain-based alternatives.

Projections for tokenized asset markets vary widely. A report from BCG and Ripple estimates the sector could grow from $600 billion in 2025 to $18.9 trillion by 2033, though that forecast encompasses all asset classes and includes both high-end and conservative scenarios. McKinsey projects digital securities issuance reaching $4 trillion to $5 trillion by 2030.

Questions Around Retail Product Structure Persist

Crypto exchanges offering stock-linked products face different regulatory considerations than institutional repo platforms. Bitget's stock futures settle in Tether's USDT stablecoin and function as derivatives without conferring equity ownership or shareholder rights. The structure resembles contracts for difference, which European regulators have flagged for high retail loss rates ranging from 74% to 89% of accounts.

Kraken's tokenized equities, launched through a partnership with Backed Finance, represent actual stock ownership through Swiss-regulated tokens. The platform reported doubling revenue from the product as volumes crossed $5 billion cumulative, though it has not disclosed user counts or profitability figures.

Switzerland's FINMA recently granted a distributed ledger trading license to BX Digital, backed by Boerse Stuttgart Group. The exchange plans to list over 100 tokenized stocks and ETFs for European institutional clients. U.S. regulators have not established comparable frameworks for domestic tokenized equity offerings.

Broadridge's repo platform operates in a different regulatory environment. Repurchase agreements involve secured lending between financial institutions rather than retail investment products. The platform uses blockchain to reduce settlement times and automate collateral management, but the underlying transactions follow existing repo market conventions.