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 market, secondary market activity, stablecoins, tokenised deposits, repo transactions, and the growth of the tokenised fund industry alongside other tokenised assets.
Key highlights from this edition include:
Global DLT fixed income issuance reached a record €8.1bn in 2026 YtD, a 86% increase compared with 2025 FY.
Asian issuers accounted for 54% of global issuance (€4.4bn), with the HKSAR Government issuing the largest single transaction so far this year, at HK$20bn (c.€2.2bn), representing 27% of global YtD issuance.
European DLT fixed income issuance reached a new record high of €3.17bn, surpassing the previous record of €1.7bn set in 2024. This represents growth of 214% compared with 2025 FY.
The largest single issue in Europe in the year so far was a €1.7bn DLT-native 10Y sovereign bond issued by the Government of Luxembourg.
For the near future, markets also anticipate the inaugural UK digitally native bond (DIGIT) in Q1 2027.
Global tokenised assets reached $39bn in 2026, compared with $25.5bn in 2025, representing an increase of 52%.
Tokenised US Treasuries, including money market funds, remained the largest asset class, increasing from $9.1bn in 2025 to $14.9bn in 2026 YtD, with money market funds representing 64% of the segment.
Tokenised equity reached $3.2bn, representing a 357% increase compared with 2025, with tokenised single stocks and equity baskets accounting for approximately 88% of the market.
Tokenised alternative investment funds increased from approximately $11bn in 2025 to $14.3bn in 2026 YtD, with credit representing the largest macro category at approximately $8bn.
Stablecoins: Global stablecoin market capitalisation reached $304bn, compared with $297bn at the end of 2025.
USD-denominated stablecoins continued to dominate the market, accounting for approximately $294bn, while EUR-denominated stablecoins represented approximately $0.8bn.
European bank-issued stablecoins represented the largest share of disclosed bank-issued stablecoin market capitalisation, led by Société Générale-FORGE's EURCV and Banking Circle's EURI.
Bank participation is expected to broaden further, including Qivalis, which expanded to 37 European banks in May 2026 and plans to launch a MiCA-compliant euro stablecoin.
Tokenised deposits: This edition introduces a new section tracking collaborative tokenised deposit initiatives globally. As of October 2026, at least 14 initiatives were identified across multiple markets, ranging from exploration and development to real-value testing and limited operational deployment.
Several initiatives have progressed beyond experimentation towards transactions involving real money and real assets. Project Agorá is advancing towards real-value testing, while Swift's blockchain-based ledger entered initial use with 17 participating banks across six continents, with pilot live transactions using tokenised deposits successfully completed.
Real world applications are also emerging, including the use of tokenised deposits in the settlement of the HKD tranche of the HKSAR Government's fourth digital green bond.
DLT-based repo transactions: Activity remained at historically elevated levels in 2026 YtD, with Broadridge DLR recording average daily transaction volumes of $360bn on average, compared with an estimated $222bn/day average in 2025.
Monthly transaction volumes remained broadly stable during 2026, averaging approximately $8tn per month.
