Ripple contributed to a white paper commissioned by the Dubai Financial Services Authority (DFSA) titled “Scaling Tokenization: The Road Ahead.” The publication brings together perspectives from leading practitioners across the financial services ecosystem, including executives from BlackRock, Standard Chartered, and Robinhood, to discuss the scaling of tokenized financial assets and related market infrastructure.
Contributors and Institutional Roles
Reece Merrick, Ripple’s Managing Director for Middle East & Africa, provided input for the report alongside other senior industry figures. Tony Ashraf, Managing Director, Head of Technology & Operations, and Head of Digital Assets, Middle East & Africa at BlackRock, is another contributor. Coy Garrison, Senior Director and Deputy General Counsel, Crypto at Robinhood, also participated in the publication.
René Michau, Global Head of Digital Asset Advisory at Standard Chartered, contributed his expertise to the document. Henson Orser, Founder and Chief Executive at Soter Insure, and Herman Schueller, Director of Innovation and Technology Risk Supervision at the DFSA, are also listed as contributors. The white paper specifically considers conditions that may support the responsible scaling of tokenized financial assets, including within the Dubai International Financial Centre (DIFC).
Market Forecasts and On-Chain Utility
The DFSA report states that tokenization of traditional financial assets has the potential to become a significant development in mainstream financial markets. It offers the prospect of greater access for investors, increased efficiency for issuers and intermediaries, and reduced risk in certain areas, particularly around settlement, for the wider financial system. Merrick emphasized that the real shift is not just tokenized treasuries and money market funds (MMFs) gaining assets under management, but their on-chain utility as collateral in repo and margin without needing to redeem to cash first.
Merrick noted that repo markets continue to move trillions daily, highlighting this as a key area for tokenization potential. He anticipates massive growth in this regard over the next 12 months, predicting that a significant proportion of that growth will occur on the XRP Ledger. “With clear frameworks, institutional custody, and trusted settlement assets like RLUSD, the UAE, DIFC and Ripple are positioned at the forefront of this next phase,” Merrick stated.
Forecasts for the future size of tokenized assets vary considerably among institutions. Citi Institute’s base case projects the global market in tokenized financial assets to reach $5.5 trillion by 2030. A separate paper by Standard Chartered and Synpulse estimated that demand for tokenized assets could reach $30.1 trillion by 2034.
Frequently Asked Questions
Who contributed to the DFSA tokenization white paper?
Ripple, BlackRock, Standard Chartered, Robinhood, Soter Insure, and the DFSA itself contributed to the report titled “Scaling Tokenization: The Road Ahead.”
What is the projected market size for tokenized assets by 2030?
Citi Institute’s base case forecast projects the global market in tokenized financial assets to reach $5.5 trillion by 2030.
