Electronic trading venue Tradeweb Markets described tokenization as an opportunity rather than a threat during its recent earnings call. Its year end results showed strong growth in top line revenues of almost 19% for 2025, with net income up $351 million to $922 million. A major contributing factor was its $271 million gain on its holdings of Canton Coins associated with the Canton blockchain network.
Tradeweb has hosted multiple repo transactions involving tokenized US Treasuries and stablecoins, but also European repo transactions involving tokenized deposits for the cash leg. Talking about tokenization, CFO Sara Furber said “we don’t really view it as disintermediating what we do. We think of it as an infrastructure upgrade.”
She believes platforms such as Tradeweb’s are still needed to connect buyers and sellers and integrate with institutional infrastructure, adding that the areas “we do see tokenization impacting are things like settlement and collateral mobility.” Additionally, she noted that distributed ledgers support faster settlement, which could make capital available faster and in turn should increase trading velocity. One would expect that to positively impact revenues, but she said it was too early to tell.
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