On 5 March 2025, CurioInvest posted: is tokenization gaining momentum in 2025? The answer, in 2025, is yes. The proof:
McKinsey (Q4 2024): 60% of CFOs at Fortune 1000 plan to increase finance automation spend in 2025, with AR/AR-related workflows being the highest-impact area.
Forrester (Q1 2025): the top-5 highest-impact AR use cases for AI in 2025 are (1) collections management, (2) cash application, (3) payment notice management, (4) deduction management, (5) electronic invoice presentment. All five are tokenisation-adjacent.
The Hackett Group (annual): $1.7T in working capital locked in inefficient processes at top-1000 US non-financial public companies; $600B of that is in accounts receivable.
CurioInvest internal pipeline (Q1 2025): $3B+ in assets across multiple issuers, in 12 sectors. Pilot conversion rate at ~60% (was 25% in 2023).
That's the macro. The question is what changed in 2025 vs. 2024.
What changed in 2025
1. MiCA in the EU — the Markets in Crypto-Assets regulation took full effect at end of 2024. For the first time, RWA issuers have a unified EU framework. CMTAT v3.0.0 (audited Wake Arena M1/M2/M3) is the most-asked-for token standard in the MiCA-compliant pipeline.
2. The institutional buyers are real. UBS, Syz, Pictet, and a handful of others have small but real RWA desks. The teams are 5-10 people each. The infrastructure they want is exactly the CMTAT + RuleEngine + IdentityRegistry stack.
3. The tokenisation pipeline is operational. Three years ago, issuing a tokenised receivable took weeks of legal work. Today, with the DLT-Act framework and a CMTAT pipeline, it's hours. The bottleneck has moved from infrastructure to onboarding.
What HASN'T changed in 2025
The mid-market CFO. The institutional RWA pipeline ($1B+ in 2025) is not the same market as the mid-market CFOs (CHF 50-500M revenue, 50-500 contracts) that most of the actual tokenization would be. The infrastructure works; the procurement for the mid-market is the issue. That's the gap CurioExtract fills.
What to watch in 2026
Three things:
1. The 1 January 2026 DLT-Act amendment — this is the legal hinge. The amendment makes a default answer to what kind of right a tokenised receivable represents. Before, that question required a written opinion. After, it's the law. This is the single biggest institutional unlock of 2026.
2. The Forbes Assetization Leaders List — the first such list went up in October 2025. It maps the assetization landscape institution by institution. CFOs can use it as a vendor-evaluation shortlist.
3. Tokenisation goes retail — Jamton on TON mainnet (CurioInvest's June 2025 launch) makes tokenised receivables accessible to 1B+ Telegram users. That's a new distribution surface.
The bottom line
Yes, tokenization is gaining momentum in 2025. The numbers are real. The institutional buyers are real. The compliance framework is operational. What's still missing is the mid-market CFO decision: when to issue, which partner to use, what the integration cost is. That's where we come in.