We mapped the institutional tokenization market for Settled Media Research, covering more than 60 organizations across 10 functional segments. BlackRock's BUIDL holds $2.2 billion in tokenized Treasuries and just listed on Uniswap Labs. J.P. Morgan's Kinexys processes $2 billion per day in tokenized deposit settlement. The UK put sovereign debt on a distributed ledger for the first time.

Our analysis breaks down where the capital is concentrated (58% in private credit), why tokenized Treasuries function as a gateway asset rather than an end product, and a three-phase playbook for moving from exploration to deployment.

We found: the institutions that moved first did not wait for perfect regulatory clarity. They moved because the operational advantages, real-time settlement, programmable collateral, 24/7 liquidity, compound over time. Every quarter on the sidelines widens a gap that gets harder to close.