On 8 November 2025, CurioInvest posted: tokenization is gaining momentum. It read like a PR line. It is not. The Q4 2025 numbers from the institutional RWA space back it up.
The Q4 2025 numbers
- Public RWA tokenization (including CurioInvest partners): $26B+ notional across 130+ issuers, up from $18B at end of 2024 — a 44% YoY increase.
- Private credit tokenization (which is the receivable category CurioExtract plays in): $11B+ in notional, up from $5B at end of 2024 — a 120% YoY increase.
- Institutional RWA allocations: UBS, Syz, Pictet, and a handful of others now have dedicated RWA desks. The desks are small (5-10 people each) but they're real desks, not side projects.
These numbers are from a combination of public announcements and an industry compilation. They're conservative — most of the institutional RWA pipeline is non-public.
Why the inflection now
Three things changed between 2024 and 2025:
1. Regulatory framework — the Swiss DLT Act, MiCA in the EU, the OECD crypto-asset reporting framework. Each individually incremental, collectively a working global framework. 2. Standards — CMTAT v3.0.0 from CMTA, ERC-3643 from the ERC, both Wake-Arena-audited. The vendor question of which token standard to ship against is now answered. 3. The DLT Act amendment — effective 1 January 2026, it provides a default legal answer to what kind of right a tokenised receivable represents. This is the legal hinge that lets conservative legal teams sign off without a separate written opinion.
What this looks like for a mid-market CFO
The numbers above ($11B+ in private credit tokenization) are concentrated in two categories:
- Large corporate balance sheets (>$5B revenue) using tokenisation for working-capital diversification
- Mid-market private credit funds using tokenisation for fractional LP interests
What's missing: the $50-500M revenue mid-market company. That's the CurioExtract wedge. The institutional RWA infrastructure exists. The compliance regime works. The integration story (with QuickBooks / SAP) is the missing piece. That's what we're building.
What 2026 looks like
CurioInvest's 2026 plan, as stated in the New Year post: "institutions are moving from exploration to implementation." The institutional pipeline ($3B+ in CurioInvest's pipeline alone) starts converting to actual issuance. The infrastructure providers (CurioInvest, Syz's stack, the DLT-aware law firms) have to scale. The pilot-conversion rate accelerates.
For a CFO in 2026: this is the year to put a tokenisation product on the menu. The cost (CHF 0 dashboard + 0.75-1.5% on issuance) is reasonable. The legal (FINMA-licensed parent, DLT-Act framework) is solid. The integration (QuickBooks / Xero / SAP) is feasible. The only missing piece is the dashboard product that ties it all together — which is what CurioExtract is.