AFME is pleased to share the latest edition of its Global Distributed Ledger Technology (DLT) Market Report. This report provides a comprehensive overview of the primary DLT-based fixed income primary market, the growth of stablecoins, DLT-based repo transactions, and the use of tokenisation in capital markets activities.
Key highlights from this edition include:
- Global DLT fixed income issuance totalled €4.8bn in 2025, a 48% increase compared to 2024 (€3.25bn issued).
- This increase was led by Asian issuers, with €3.8bn issued in 2025 (78% of the world’s total). In Europe a total of €893mn was issued in 2025, with a slowdown from €1.7bn in 2024 in part attributed to the conclusion of the ECB DLT trials.
- In 2025, most of the global issuance (€1.68bn) originated on public-permissioned blockchains, with the platforms HSBC Orion and SDX contributing the largest share.
- Five DLT green bonds were issued in 2025 FY with a deal value of €1.1bn (one deal value undisclosed), representing a significant increase compared to €483mn in 2024 FY.
- In the first months of 2026, momentum has continued in Asia, with South Korean and UAE issuers placing a combined €290mn in DLT‑based bonds. Separately, the announcement for an inaugural UK Digital Gilt (DIGIT) shows continued European institutional interest for issuing DLT-based sovereign debt.
- Stablecoins: As of December 2025, the global stablecoin market cap reached $297bn, a 53% increase compared to the end of 2024 ($194bn) and the highest level on record.
- USD-backed stablecoins continues to dominate the market, accounting for 99.8% of the total capitalisation.
- European stablecoins, such as the Euro, GBP, and CHF-based tokens, represent less than 0.2% of the market, totalling $586mn.
- Eight global banks have launched their own stablecoins as of December 2025, but interest is growing. In Europe, a consortium of 12 banks will jointly launch a MiCAR-compliant euro-denominated stablecoin, seeking to enhance the presence of the euro in the stablecoin ecosystem. In Asia, the three largest banks in Japan announced that they will jointly issue stablecoins, while major South Korean banks are expected to launch a won-based stablecoin. Globally, 10 major banks confirmed that they are exploring the issuance of a stablecoin pegged to G7 currencies.
- DLT-based repo transactions: Consolidated data on DLT-based repo transactions are scarce. However, platforms such as Broadridge DLR report processing on average above $300bn per day. Broadridge repo activity has exhibited a significant market growth over recent years, from c$6.2bn per day in 2021, to $100bn in 2024 and c$384bn in December 2025 according to Broadridge and data compiled by RWA.xyz. Other platforms such as JP Morgan's Kinexys process c$2bn per day across all its applications.
- Global tokenised US Treasuries reached $9bn in 2025, from $3.9bn in 2024.
- Other tokenised assets (including commodities, institutional alternative funds, non-US government debt, among others) totalled $13.4bn by the end of 2025, representing a 570% YoY increase from 2024 ($2bn).