SODA Survey: Tokenization Shifts to Trading Desks

SODApublicmoney survey finds tokenization initiatives at investment banks now originate from front office and trading desks rather than innovation teams, delivering direct PnL impact through collateral mobility and intra-day repo market efficiencies. Front offices control design, implementation and business-line budgets, replacing prior decade's FinTech experiments. Highest priority use cases include smart contract repo, tokenised bonds as collateral and tokenised deposits for settlements, unlocking trillions in trapped liquidity while cutting headcount costs. Most banks remain early-stage yet hold defined strategies, with tech integration now the main client hurdle instead of regulatory uncertainty. Clients increasingly accept pricing premiums when benefits are clear.