Most Promising Asset Tokenization Projects (and What They Mean for Your Business)

As global institutions continue exploring crypto adoption, asset tokenization stands out as one of the most tangible and enterprise-ready applications of blockchain technology. From real estate to carbon credits, asset tokenization is no longer a concept—it’s an operational reality reshaping how value is transferred, managed, and accessed globally.

For businesses, understanding the leading projects in this space is key to identifying scalable opportunities and potential strategic partners. Here’s a breakdown of the most promising tokenization initiatives and how they can impact your business.

What Is Asset Tokenization? 

Asset tokenization is the process of representing ownership rights to real-world assets (RWA) on the blockchain. These digital tokens can represent physical items (like property or gold) or intangible rights (like carbon offsets or royalties), enabling:

• Fractional ownership

• 24/7 global trading

• Programmable compliance and transferability

• Faster settlement and reduced intermediaries
  
  

Top Enterprise-Focused Tokenization Projects (2024–2025)

1. HSBC Tokenized Gold 

In June 2024, HSBC launched its Gold Token in Hong Kong, marking a significant advancement in the tokenization of real-world assets. This initiative allows retail investors to acquire fractional ownership of physical gold stored in HSBC’s London vaults, with each token representing 0.001 troy ounce of gold. The tokens are available through HSBC’s mobile app and online banking platform, providing a seamless investment experience for clients .

Key Features:

• Accessibility: Available through HSBC’s mobile app and online banking platform, enabling seamless investment for retail clients.

• Cost Efficiency: No transaction or custody fees, lowering the barrier to entry for gold investment.

• Market Reception: By late 2024, the Gold Token had attracted approximately 20,000 holders, with a significant portion being first-time gold investors .

In September 2024, HSBC successfully piloted quantum-secure technology for its tokenized gold platform. Collaborating with Quantinuum, the bank implemented post-quantum cryptography to safeguard digital assets against potential future quantum computing threats. This initiative underscores HSBC’s commitment to pioneering secure digital asset solutions .

HSBC’s Gold Token exemplifies the fusion of traditional asset classes with cutting-edge technology, offering investors a secure, efficient, and accessible means to invest in gold. The bank’s proactive approach to integrating quantum-resistant security measures positions it at the forefront of digital asset innovation.

2.  State Street x Taurus Partnership

In August 2024, State Street Corporation announced a strategic partnership with Swiss fintech firm Taurus SA to enhance its digital asset capabilities. This collaboration aims to provide institutional clients with comprehensive services encompassing tokenization, digital custody, and blockchain connectivity .

Core Components:

• Tokenization Services: Utilizing Taurus-CAPITAL, State Street can issue and manage tokenized assets, including securities and fund units, throughout their lifecycle.

• Digital Custody: Through Taurus-PROTECT, the bank offers secure custody solutions for digital assets, aligning with institutional standards.

• Blockchain Interoperability: Taurus-EXPLORER enables seamless interaction with multiple blockchain protocols, ensuring flexibility and scalability.

While the partnership lays the groundwork for comprehensive digital asset services, State Street’s expansion into digital custody is contingent upon favorable regulatory developments in the U.S., particularly concerning the SEC’s Staff Accounting Bulletin 121 (SAB 121). The bank has expressed its intent to fully engage in digital custody services once regulatory clarity is achieved .

This alliance positions State Street to effectively bridge traditional finance and the emerging digital asset ecosystem. By integrating Taurus’s advanced infrastructure, State Street is poised to meet the evolving needs of institutional investors seeking secure and compliant digital asset solutions.

3. Franklin Templeton’s OnChain U.S. Government Money Fund

Franklin Templeton launched the Franklin OnChain U.S. Government Money Fund—a tokenized mutual fund issued natively on the Stellar blockchain and later expanded to Polygon. Each fund share is represented as a BENJI token, and all transaction records, ownership changes, and fund operations are managed via smart contracts.

This fund is the first U.S.-registered mutual fund to use public blockchains for recordkeeping and transfer of ownership. It allows real-time investor transparency, lower operational costs, and faster settlement compared to traditional mutual fund models. The move highlights the potential for legacy asset classes to adopt tokenization without compromising regulatory standards.

Asset managers, fund administrators, and fintech platforms can learn from Franklin Templeton’s approach to digitally native fund distribution. For global firms, this creates an opportunity to expand access to fixed-income products, improve fund liquidity, and provide more efficient onboarding for digital-native investors, particularly in underbanked regions.

4. UK Financial Conduct Authority (FCA)

In 2025, the UK’s Financial Conduct Authority (FCA) announced initiatives to support the development and implementation of tokenized funds. The FCA is collaborating with industry stakeholders to explore the potential of fund tokenization, aiming to enhance efficiency, transparency, and accessibility in collective investment schemes. 

Key Developments:

• Industry Collaboration: The FCA is working with asset managers to facilitate the adoption of tokenized share classes, leveraging distributed ledger technology (DLT) to represent investors’ shares or units in a fund as digital tokens. 

• Regulatory Framework: The UK government has published draft legislation establishing a financial services regulatory regime for crypto assets, including provisions for qualifying crypto assets and stablecoins, bringing them within the regulatory perimeter for financial services.
  
  

These initiatives demonstrate the UK’s commitment to fostering innovation in financial services, setting the stage for fully regulated tokenized mutual funds in Europe.

5. Project Ensemble

Project Ensemble, launched by the Hong Kong Monetary Authority (HKMA), is shaping up to be one of the most significant regulatory-led initiatives in the asset tokenization space. Rather than targeting retail investors or single-property token sales, Project Ensemble is designed to create a unified tokenization infrastructure for institutions—with use cases spanning real estate, green finance, trade finance, and cross-border settlements.

Unlike earlier tokenization models focused on fractional ownership for individuals, Ensemble is top-down and compliance-first. It brings together financial giants such as HSBC, Standard Chartered, Ant Group, and Deloitte, all working to align tokenized assets with existing regulatory frameworks and banking infrastructure. 

A key feature of the project is its integration with wholesale Central Bank Digital Currencies (wCBDCs), ensuring that settlement and custody of tokenized assets happen on-chain in a regulated, interoperable manner.

For real estate, this means large-scale developments and property portfolios can be fractionalized and traded more efficiently—not as isolated tokens, but as regulated, financial-grade instruments. Developers, REITs, and institutional investors stand to benefit from faster capital deployment, lower issuance costs, programmable cash flows (e.g. rent or dividend distribution), and enhanced liquidity across secondary markets.

Project Ensemble is a blueprint for how tokenized assets can plug directly into the future of digital finance. Its emphasis on cross-border interoperability, identity standards, and compliance tooling positions it as a global reference point for institutional tokenization, especially in traditionally illiquid sectors like real estate.

6. Brazil’s Central Bank

In 2025, Brazil’s Central Bank (Banco Central do Brasil) is set to implement comprehensive regulations for tokenized assets and stablecoins. This initiative builds upon the Brazilian Virtual Assets Law (Law No. 14.478/2022), which provides guidelines for virtual asset services and providers. 

Key Developments:

• Regulatory Authority: Decree No. 11,563/2023 granted the Central Bank the authority to regulate virtual asset services, authorize and supervise virtual asset service providers (VASPs), and deliberate on related matters. 

• Public Consultations: In November 2024, the Central Bank initiated public consultations detailing proposals related to the regulation, authorization, and operation of VASPs, including aspects concerning foreign exchange markets. 

• Focus on Stablecoins: Central Bank Governor Roberto Campos Neto emphasized the need to regulate stablecoins due to their increasing use in Brazil, often associated with tax evasion and illicit activities.
  
  

This regulatory framework positions Brazil as a leader in Latin America’s digital asset regulation, providing clarity for banks and fintechs to issue, settle, and custody tokenized financial products under national guidance.

7. UBS Tokenize

UBS has expanded its UBS Tokenize platform in 2025 to encompass multiple asset classes, including funds, bonds, and structured notes, with live clients across Asia and Europe.

Key Developments:

• uMINT Launch: UBS Asset Management launched the “UBS USD Money Market Investment Fund Token” (uMINT), a tokenized money market fund built on Ethereum’s distributed ledger technology. 

• Custody Solutions: UBS has partnered with digital asset custody providers to offer secure custody solutions for tokenized assets, ensuring institutional-grade compliance and transparency. 

The expansion of UBS Tokenize underscores the relevance of tokenization in private banking and wealth management, offering clients innovative investment solutions with enhanced accessibility and efficiency.

8. Avalanche x WisdomTree x Citi x T. Rowe Price (Spruce Subnet Pilot)

This pilot used Avalanche’s Spruce subnet to simulate tokenized mutual fund share transfers between major financial institutions, including WisdomTree, Citi, and T. Rowe Price. It explored how fund issuers and distributors can transact in a controlled, permissioned blockchain environment.

Most tokenization trials operate in public or hybrid environments. Spruce demonstrates how customized, interoperable blockchains can be used to tokenize and transfer regulated assets between institutions—without compromising privacy, compliance, or performance. It shows that tokenization can work within existing regulatory frameworks.

Asset managers, custodians, and fund administrators can use this model to digitize fund units, automate transfers, reduce settlement friction, and improve compliance. By deploying on private subnets with tailored rules, firms can tokenize assets in a way that aligns with their jurisdictional obligations—a critical factor for large financial institutions.

Why This Matters for Your Business

The enterprise tokenization movement isn’t theoretical—it’s already transforming capital markets, asset management, sustainability programs, and real estate portfolios. These real-world projects are proof that blockchain isn’t just about crypto; it’s a tool for efficiency, access, and competitive advantage.

Here’s what this shift means for your business:

• Faster Access to Capital – Tokenization streamlines fundraising, enabling quicker issuance of bonds, equity, or asset-backed tokens without legacy settlement delays.

• Broader Investor Reach – Fractional ownership models allow you to engage both institutional and retail participants across borders, unlocking capital from new markets.

• Operational Efficiency – Smart contracts and blockchain-based compliance reduce middlemen, lower operational overhead, and deliver real-time transparency to stakeholders.

• Cross-Border Expansion – Digital assets move globally with fewer restrictions, allowing companies to build new financial rails beyond regional liquidity silos.

Bring Your Assets On-Chain 

As tokenization gains traction across finance, real estate, and ESG, enterprises that act early will gain a strategic edge. Whether you’re aiming to launch tokenized products, digitize real-world assets, or access blockchain-native capital markets—infrastructure matters.

If you’re exploring tokenization but unsure where to start, ChainUp offers enterprise-grade solutions you need for a seamless journey, from token ideation to issuance and secure, on-chain management. 

Get in touch with ChainUp to explore a custom solution tailored to your industry and use case.