The new global architecture of financial markets
Asset tokenisation may well be experiencing its '1996 internet' moment: still far from mass adoption, but mature enough that the world's leading financial operators are rebuilding capital market infrastructure. 2026 will be a pivotal year, as major global financial players have concluded that the transition to Web3, based on blockchain and asset tokenisation, is the future of financial markets. This shift is driven by institutional legitimacy, the scale of the economic opportunity, and the potential to transform assets beyond traditional finance. With major institutions like Nasdaq and international banks investing heavily, tokenisation is moving from the periphery to the centre of the financial system. Citibank estimates the market for tokenised financial assets could grow from $17 billion to $5.5 trillion by 2030. Furthermore, this technology enables the tokenisation of real-world assets like real estate and energy, potentially unlocking liquidity for previously restricted assets. Portugal should monitor this evolution closely, particularly for opportunities in the blue economy, where tokenising ocean-related assets could provide new financing avenues for a country historically limited by a small capital market.
