The latest episode of 11FS delivered a clear message to traditional financial institutions: digital assets are no longer optional. The discussion argued that embracing tokenization is becoming essential for institutions that want to remain competitive, as early movers draw more participants onto blockchain-based financial infrastructure.
Bitfinex has reinforced this view in a new report released ahead of The Future of Capital Markets Summit in Lugano. The report highlights that tokenised US Treasury funds have reached approximately $15 billion in assets, according to RWA.xyz, and are increasingly being used as collateral in blockchain-based lending and institutional trading.
Institutional adoption has moved beyond experimentation. In 2025, crypto exchanges began accepting products such as BlackRock's BUIDL fund as trading collateral through institutional custodians, with settlement taking place offchain. In December 2025, staff at the US Commodity Futures Trading Commission indicated that tokenised Treasury securities and money market fund shares could serve as margin in US derivatives markets. On July 15, 2025, JPMorgan tokenised the Invesco QQQ exchange-traded fund and posted tokenised assets as margin at CME Group, marking a significant link between traditional financial instruments and blockchain settlement systems.
Despite the momentum, the Bitfinex report identifies operational hurdles. Permissioned tokens can be held only by approved wallets, reducing the pool of eligible liquidators during liquidation events. Outdated asset valuations and limited weekend liquidity also create risks that differ from conventional lending. These factors may push lenders toward lower loan-to-value limits, though transferable wrappers and around-the-clock redemption mechanisms could mitigate the constraints.
