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 and valuations, stablecoins, repo transactions, and the growth of the tokenised fund industry alongside other tokenised assets.
The continued rapid growth in Global DLT adoption in capital markets and the emergence of new participants and platforms signal increasing interest in the technology’s transformative capabilities.
Key highlights from this edition include:
- Global DLT fixed income issuance totalled €1.69bn in the first three quarters of 2025, a 44% annualised decline compared to 2024 (€3.25bn issued).
- This decline is primarily attributed to the conclusion of the ECB DLT trials in November 2024. Once excluding Central Bank trials, DLT bond issuance reached €1.4bn in the first three quarters of 2025, about the same amount issued in 2024FY excluding Central Bank trials.
- In 2025 YtD, most of the issuance (€1.46bn) originated on public-permissioned blockchains, with the platforms SDX and HSBC Orion contributing the largest share of digital fixed income issuance.
- Only one DLT green bond was issued in 2025 YtD (deal value undisclosed), compared to €483mn in green DLT issuance during 2024 FY.
- Stablecoins: As of September 2025, the global stablecoin market cap reached $286bn, a 47% increase compared to the end of 2024 ($194bn) and the highest level on record.
- USD-backed stablecoins dominate the market, accounting for 99.5% of the total capitalisation.
- European stablecoins, such as the Euro, GBP, and CHF-based tokens, represent less than 0.2% of the market, totalling $463mn.
- Eight global banks have launched their own stablecoins as of September 2025. In late September, a consortium of nine European banks have announced that will jointly launch a MiCAR-compliant euro-denominated Stablecoin, seeking to enhance the presence of the euro in the Stablecoin ecosystem. Currently one bank, SocGen, offers a euro-denominated Stablecoin with a market cap of cEUR 48.9mm.
- DLT-based repo transactions: Consolidated data on DLT-based repo transactions are scarce. However, platforms such as Broadridge DLR have recently indicated processing on average above $300bn per day. Other platforms such as JP Morgan's Kinexys process c$2bn per day across all its applications.
- More than $8.4bn in tokenised Funds assets under management (AUM) as of September 2025, an increase of 298% ($2.1bn) from December 2024. This was primarily driven by the c450% growth of the BlackRock USD Digital Liquidity Money Market fund.
- Across all tokenised funds, $5.3 billion was allocated into US government securities through Money Market Funds. The remaining was invested on Alternative Assets, non-US Government bonds, and Equity shares.
