What did Moody’s say about tokenised assets and US banks?

Moody's Ratings said major US banks and financial institutions increasingly believe tokenised assets and digital money will become a core part of the future financial system.

What does “tokenisation” mean in finance?

Tokenisation refers to representing traditional financial assets such as stocks, bonds or deposits as blockchain-based digital tokens. This allows assets to move and settle more efficiently on distributed ledger networks.

Why does Moody’s describe the transition as “slow then fast”?

Moody’s expects adoption to begin gradually as financial infrastructure upgrades over time, followed by faster acceleration once regulation, technology and investor confidence become more established.

Which tokenised assets are seeing the most adoption today?

Current adoption is mainly concentrated in stablecoins, tokenised bank deposits and tokenised money market funds. Most activity is currently driven by institutional trading and crypto-related use cases.

Why are banks interested in tokenised deposits?

Many banks view tokenised deposits as a natural extension of the traditional banking system. Tokenised deposits could support faster settlement, programmable payments and round-the-clock financial markets.

Why are banks cautious about privately issued stablecoins?

Some financial institutions worry stablecoins issued by non-bank firms could bypass traditional banking systems and reduce the role of regulated deposit-taking institutions in payments and liquidity markets.

How large is the tokenised money market fund sector?

Moody’s said tokenised money market funds reached approximately $10 billion in outstanding value during 2026. The products are increasingly being used to provide onchain liquidity and yield.

What role does DTCC play in tokenised finance?

Depository Trust & Clearing Corporation plans to begin limited production trades of tokenised securities in July 2026. DTCC is one of the largest providers of traditional financial market infrastructure in the US.

US banks prepare for tokenisation shift

Written by Isaac FrancisPublished May. 13 2026Last Updated May. 13 2026

Moody's Ratings said major US banks and financial market intermediaries increasingly expect tokenised assets and digital money to become a core part of the financial system over time.

The agency’s latest sector report described the transition as a “slow then fast” adoption cycle in which traditional financial infrastructure gradually integrates blockchain-based settlement and tokenised asset systems before broader acceleration occurs.

Current activity remains concentrated in stablecoins, tokenised deposits and tokenised money market funds, with most adoption tied to cryptocurrency trading and specialised institutional use cases rather than mainstream retail payments.

Moody’s said many banks view tokenised deposits as a natural evolution of the existing banking system, while remaining cautious about privately issued stablecoins that could bypass traditional regulated financial frameworks.

The report also highlighted growing institutional demand for onchain liquidity products, with tokenised money market funds reaching approximately $10 billion in outstanding value during 2026.

Depository Trust & Clearing Corporation announced plans earlier this year to facilitate limited production trades of tokenised securities beginning in July 2026, with a broader rollout targeted for October.

Moody’s said the transition toward fully digital 24-hour financial markets would likely operate through hybrid systems for at least the next decade as traditional and blockchain-based infrastructure run in parallel.

The report added that key hurdles including legal ownership standards, settlement finality and regulatory clarity still need to be resolved before tokenised financial markets can scale more broadly across the US economy.