Tokenization is a revolution in progress, yet it remains largely unknown or misunderstood. This is why Adan is publishing today a memorandum dedicated to tokenization, the result of a collective effort within its Tokenization Committee, led by Cassandre Vassilopoulos and Inés Beneyto.

This document provides a comprehensive overview, highlights the concrete benefits for issuers, investors, and market infrastructures, and identifies the obstacles to overcome for successful adoption.

Furthermore, it establishes a shared framework for understanding by defining tokenization and identifying its implications for the economy, regulation, and market infrastructures.

Objectives of the Memorandum

This memorandum aims to structure the discussion around tokenization by:

  • Providing a global overview of its uses and the types of assets involved.
  • Clarifying the distinction between tokenization and other mechanisms such as securitization or asset fractionation.
  • Defining the technical and regulatory challenges necessary to structure its development.
  • Identifying the economic benefits, particularly in terms of cost reduction, infrastructure modernization, and liquidity optimization.

The document emphasizes that tokenization is not limited to the digitalization of assets or their inscription on a blockchain. It represents a structural transformation that endows assets with new properties, particularly in terms of negotiability and transparency.

Challenges and key isues

While tokenization paves the way for more efficient markets and broader access to financing, its development depends on several key conditions.

First, adapting the legal and regulatory framework is essential to ensure clear recognition of tokenized assets and define their ownership regime. Clarifying applicable statuses and compliance requirements will be crucial to reinforcing confidence among market participants. Second, developing suitable infrastructures is necessary to enable efficient and secure settlement and delivery, particularly through on-chain settlement assets, which are fundamental to transaction fluidity.

Moreover, interoperability with existing financial infrastructures is a critical factor. Tokenization can only reach its full potential if new DLT platforms can seamlessly interact with traditional systems, ensuring a smooth transition.

Finally, the involvement of institutional actors will be decisive in structuring deep and liquid markets. The engagement of issuers, investors, and market infrastructures will accelerate adoption and drive the convergence between technological innovation and financial stability.

The year 2025 marks a decisive milestone: the transition from isolated experiments to large-scale, concrete use cases will shape the trajectory of tokenized finance in the coming years. France, a pioneer in this field, must leverage its advances to strengthen its leadership and build a competitive ecosystem at the European level.

Acknowledgments

This memorandum is the result of a collective effort within Adan’s Tokenization Committee.

We extend our special thanks to Mark Kepeneghian, President of the Tokenization Committee, as well as Cassandre Vassilopoulos and Ines Beneyto for leading this initiative.

Adan also thanks the members of the working group for their contributions: Alexis Bourdillat, Geneviève Douhet, Que Phuong Dufournet, Myriam Dana-Thomae, Charles Lorand, Victor Busson, Alain Rocher, Alexander Tollast, and Thomas Vailli.