Karla Barker 
The next phase of asset tokenization may depend less on whether a blockchain can issue a token and more on whether that token holds up when markets get rocky. Edwin Mata, CEO and co-founder of Brickken, argues that institutions need settlement they can trust, ownership rights that can be enforced, and collateral use that works in practice. Without those pieces, broad institutional adoption is likely to stay slow.
Regulators focus on post-issuance issues
Regulators are already asking harder questions. The European Securities and Markets Authority, the EU’s top markets watchdog, is consulting on whether tokenized assets can qualify as collateral in the region’s clearing infrastructure. Singapore’s central bank is also pushing ahead with digital settlement work. The focus is shifting from issuance to what happens after a token exists on-chain: can it settle, can ownership be proven, and can it keep legal protections when markets are stressed?
Mata said institutions must trust ownership records, settlement finality, and the systems that handle these assets. Issuers also need tokenized assets to move across platforms and financial systems without losing legal protections or hurting liquidity. That is a practical concern, not just a technical one. If a token cannot move where it is needed, its usefulness is limited.
Settlement choices may vary by transaction
Mata expects financial institutions to choose settlement arrangements based on the asset, transaction size, and liquidity needs. For issuers, supporting different payment methods while keeping accurate ownership records will become more important as tokenized securities reach more markets. He also sees settlement infrastructure drawing more institutional investment over the next few years. Firms will want clarity on how payments and asset transfers are coordinated, when settlement becomes legally final, and what happens if one side of a transaction fails.
That last point matters. Tokenization promises faster and more automated transactions, but automation can create new risks. The International Monetary Fund has looked at how tokenization and connected digital infrastructure could affect financial stability. Mata noted that automated transactions might create liquidity risks if changes in asset valuations trigger simultaneous collateral movements across institutions. In simple terms, many automated actions happening at once could strain markets.
Custody and resilience remain key
The reliability of custodians, settlement providers, and other operators will also matter when transactions fail or systems go offline. Mata said institutional adoption depends on whether tokenized assets can be managed consistently throughout their lifecycle. That means enforceable ownership, reliable settlement, enough liquidity, and operational resilience.
Over the next year, he expects adoption to hinge on how well tokenized assets can be held, transferred, and settled across different financial systems. If those basics are not solved, tokenization may remain a niche tool for institutions. If they are, the market could look very different.