Sofia Villacreses Cardenas | Consultant, Capco

Tokenization is more than a technical breakthrough – it represents a foundational shift in how capital markets are structured, accessed, and composed. By transforming traditional assets such as U.S. Treasuries, private credit, and money market funds into programmable, interoperable tokens, tokenization is redefining the architecture of global finance. 

This article explores the rise of tokenized real-world assets (RWAs), with a focus on tokenized U.S. Treasuries – the most advanced and strategically relevant use case to date. Drawing from product data, legal structures, and emerging integrations, the paper examines how these instruments are powering yield-bearing stablecoins, and reshaping liquidity management across decentralized and traditional finance. 

For financial services firms, this shift challenges established models of custody, fund management, and market access – demanding new infrastructure strategies, compliance frameworks, and rethinking client engagement and operation at scale. Firms that adapt early may unlock faster settlement, greater liquidity, and new institutional flows. 

This shift won’t be defined solely in code or regulation; it will be shaped at the intersection of the two. As tokenization matures, its most transformative effect may not be what it replaces, but what new value creation models it enables.