Asset tokenisation turns a real asset, such as a share, a fund unit or a bank deposit, into a token recorded on a blockchain. In Switzerland, the Swiss Financial Market Supervisory Authority (FINMA) has applied existing law since its guidelines of February 2018. It assesses each token according to its function: a token representing a share or a bond is a security. Banks see it as an underlying trend, but few of them already offer tokenised assets.
This page is part of our blockchain and tokenisation section. It gives the overall picture: the principle, the assets involved, the Swiss framework and its limits.
What is asset tokenisation?
Tokenising an asset means representing it on a blockchain in the form of a token. The term real world assets, or RWA, is also used to describe what exists outside the blockchain. The category is broad: Treasury bills, private credit, shares, fund units or bank deposits.
The token does not replace the underlying asset. It is a representation of it, whose value depends on that asset and on the entity that issues and holds it. A tokenised fund thus keeps its legal characteristics: access conditions, transfer restrictions and holders' rights remain decisive.
Which tokenised assets already exist?
Money market funds and credit are already tokenised. According to Castle Labs, BlackRock has brought its BUIDL money market fund to Solana via Securitize. Franklin Templeton runs BENJI there, and Apollo has listed its ACRED credit fund on it. Our analysis of tokenisation on Solana details these figures and their limits.
Tokenised shares are also gaining ground. Backed Finance's xStocks range started with around sixty US stocks and exchange-traded funds (ETFs). In the United States, tokenised share platforms are waiting to be able to operate under an exemption regime of the Securities and Exchange Commission (SEC).
Bank deposits are now moving onto the blockchain too. J.P. Morgan has made JPM Coin, its dollar deposit token, available on Ethereum for its institutional clients. This token remains a claim on the bank, which sets it apart from a stablecoin, as explained in our article on JPM Coin and Citi Research.
How does an asset become a token?
A tokenised asset rests on three links. There is the token issuer, the entity that holds the underlying asset, and the network on which the token circulates. The holder depends on each of them.
- The network: Ethereum remains the main one, with 16.6 billion dollars of tokenised assets according to Castle Labs. Solana has 4.3 billion, compared with around 700 million twelve months earlier.
- The link with the asset: the US framework for tokenised shares only covers shares actually recorded on the blockchain, not synthetic products.
- The issuer's consent: under the same framework, companies have 30 days to object to the tokenisation of their securities.
Once created, the token can be used for more than just circulating. Citi Research sees the Aave protocol as a tool for borrowing by posting a tokenised asset as collateral. A fall in the value of the collateral can then lead to its liquidation.
What framework applies to tokenisation in Switzerland?
FINMA applies the financial market law in force to tokenisation. In its ICO guidelines of 16 February 2018, it bases its approach on the economic function and transferability of tokens. It distinguishes three types of tokens, with hybrid forms possible.
- Payment tokens: pure cryptocurrencies, subject to anti-money laundering rules, but not securities.
- Utility tokens: they provide access to a digital use or service.
- Asset tokens: they represent stakes in real assets, companies or earnings streams, or an entitlement to dividends or interest.
A tokenised asset that represents a stake in a company, a claim or an entitlement to income falls into this third category. For FINMA, an asset token is economically equivalent to a share, a bond or a derivative. It treats it as a security, generally with a prospectus requirement under the Code of Obligations.
Anti-money laundering rules also apply. According to FINMA's Fintech page, providing wallets and trading virtual currencies fall under the Anti-Money Laundering Act (AMLA). Anyone subject to the AMLA must join a self-regulatory organisation (SRO).
The most significant activities require a licence. FINMA cites in particular banks, securities firms, stock exchanges and multilateral trading facilities. It also provides for a specific licence for trading facilities based on distributed ledger technology (DLT).
In 2018, FINMA noted a civil law uncertainty regarding the transfer of rights attached to tokens. It considered clarity in civil law "decisive" for the lasting establishment of blockchain in Switzerland.
Where do Swiss banks stand?
Swiss financial institutions expect a lot from tokenisation, but offer little of it. The Swiss Blockchain Survey 2026 by the University of St. Gallen polled 25 institutions in Switzerland and Liechtenstein in the third quarter of 2026. Our report on the Swiss Blockchain Survey 2026 gives the details.
| Type of tokenised asset | Offered | Planned |
|---|---|---|
| All tokenised assets | 12% | 24% |
| Shares or fund units | 8% | 12% |
| Other assets or rights | 4% | 8% |
| Real estate or real assets | 8% | not reported |
| Debt instruments | 8% | not reported |
The obstacles are mainly commercial. 63% of respondents cite a lack of strategic priority or business model, 58% weak client interest. Regulatory or compliance requirements come next, cited by 46%.
Strategies differ by type of bank. Large universal banks such as UBS have focused on tokenisation: tokenised bonds, structured products and money market funds. Retail banks have instead started with cryptocurrency trading and custody.
What does the US example of tokenised shares show?
The US example shows that a list of candidates is not an authorisation. It falls solely under the SEC and does not apply in Switzerland. The SEC adopted its Innovation Exemption on 17 September 2026, and its list of tokenised share platforms is current as of 21 October 2026.
- TSV LLC filed its notice on 23 September 2026, with no directors or shareholders known in the public sources consulted by Journal du Coin.
- OKXICE TSV, owned in equal shares by OKX and Intercontinental Exchange, parent company of the NYSE, followed on 4 October.
- Kephas Corporation, under the name Perpetuals.com, registered on 14 October.
Appearing on this list does not mean meeting the conditions, the SEC points out. A platform must publish its notice at least 30 days before operating. The framework lasts five years. It caps volumes at 0.25% of a share's average daily volume in the first tier, then at 2.5% in the second.
Key figures
- 3 types of tokens distinguished by FINMA: payment, utility, asset (guidelines of 16 February 2018).
- 12% of the 25 institutions surveyed offer tokenised assets, 24% plan to (third quarter of 2026).
- 52% see institutional adoption of tokenised funds as a major trend over three to five years.
- 32% cite the tokenisation of illiquid assets.
- 4.3 billion dollars of tokenised assets on Solana, 16.6 billion on Ethereum, according to Castle Labs.
- 3 platforms applying for the SEC's Innovation Exemption as of 21 October 2026.
What should you check before buying a tokenised asset?
A saver who buys a token depends on its issuer, the custodian of the asset and the network. They therefore need to know who issues the token, who holds the asset and what rights they actually obtain.
The provider's status can be checked on FINMA's website, which publishes the list of authorised companies and a warning list. Rising market capitalisation says nothing about the future performance of a tokenised asset. This information does not constitute investment advice.
An SME wishing to tokenise shares or claims must first check whether it is subject to supervision. FINMA provides information to companies at fintech@finma.ch. For opening an account, the Swiss Bankers Association published on 21 September 2018 practical guidelines for blockchain companies.
What we do not know yet
Several points remain open in the sources consulted for this page.
- The precise legal framework for DLT trading facilities and the list of authorised Swiss platforms do not appear in them.
- Actual demand and the profitability of tokenised offerings have yet to be demonstrated, according to the Swiss Blockchain Survey 2026.
- The amounts measured by Castle Labs concern the value of the assets, not their use or the number of holders.
- None of the three candidate platforms in the United States has yet received the right to operate.
Sources
- Journal du Coin: tokenised shares, the SEC's three candidate platforms
- FINMA: ICO guidelines (16 February 2018)
- FINMA: information for Fintech providers
