The Association for Financial Markets in Europe (AFME) has published its updated Global Distributed Ledger Technology (DLT) Market Report, offering a snapshot of how blockchain-based solutions are reshaping capital markets. The study focuses on several key areas: DLT-driven fixed-income issuance, the expansion of stablecoins, the growth of DLT-enabled repo activity, and the broader tokenisation of real-world assets.

Taken together, the data points to accelerating institutional adoption and measurable market expansion in 2025 and early 2026.

Global DLT-based fixed-income issuance reached €4.8 billion in 2025, a 48% jump from €3.25 billion the previous year.

Public-permissioned blockchains accounted for the largest share, with €1.68 billion originated on these networks.

Green bonds stood out as a particularly dynamic segment: five DLT-issued green bonds totaled €1.1 billion (one deal size undisclosed), more than doubling the €483 million recorded in 2024.

Early 2026 activity has remained buoyant in Asia, where South Korean and UAE issuers together placed €290 million in DLT bonds.

In Europe, the announcement of the United Kingdom’s first Digital Gilt (DIGIT) further signals rising institutional appetite for tokenised sovereign debt.The stablecoin market delivered another record performance.

By December 2025, the global market capitalization had climbed to $297 billion, a 53% increase from $194 billion at the end of 2024.

USD-backed tokens continued to dominate, representing 99.8% of total value. European currency stablecoins (euro, sterling and Swiss franc) remained marginal, collectively worth just $586 million or less than 0.2% of the market.

Banking sector participation is expanding steadily: eight global banks had already launched their own stablecoins by year-end 2025.

In Europe, a consortium of 12 banks is preparing to introduce a MiCA-compliant euro stablecoin aimed at strengthening the currency’s digital footprint.

In Asia, Japan’s three largest banks have confirmed plans for joint stablecoin issuance, while major South Korean institutions are expected to roll out a won-denominated product.

Globally, ten major banks have also signaled they are actively exploring stablecoins pegged to G7 currencies.

Data on DLT-based repo transactions remain fragmented, yet available figures highlight substantial scale.

Broadridge’s DLR platform alone processes more than $300 billion per day on average.

Activity has grown steadily—from roughly $6.2 billion daily in 2021 to $100 billion in 2024 and approximately $384 billion in December 2025, according to Broadridge and RWA.xyz data.

For context, JPMorgan’s Kinexys platform handles around $2 billion daily across its applications.

Tokenisation of traditional assets also advanced sharply.

Tokenised U.S. Treasuries rose to $9 billion in 2025 from $3.9 billion in 2024. Other tokenised assets—including commodities, institutional alternative funds and non-U.S. government debt—reached $13.4 billion by the close of 2025, a 570% year-on-year increase from $2 billion the prior year.

Collectively, these trends demonstrate that DLT is moving beyond pilot projects into mainstream capital-markets infrastructure.

With issuance volumes surging, stablecoin adoption broadening, repo platforms scaling, and asset tokenization accelerating, the 2025–2026 period marks a clear inflection point for blockchain in global finance. AFME’s report underscores both the progress achieved and the significant runway that remains for further institutional integration.