Tokenization and digital assets are expected to move firmly into the mainstream of global capital markets between 2026 and 2030, reshaping how assets are issued, traded, settled, and owned.
According to PwC’s analysis in The Shifting Landscape of Global Capital Markets, advances in blockchain-based settlement, tokenised bonds, and digital currencies are set to enable faster, cheaper, and more inclusive capital flows globally.
The shift reflects growing dissatisfaction with traditional market infrastructure, which remains slow, costly, and fragmented, particularly for cross-border transactions.
Blockchain technology offers the ability to represent real-world assets, such as bonds, equities, infrastructure projects, and commodities, as digital tokens that can be transferred securely and almost instantly.
As regulatory clarity improves, these instruments are increasingly being adopted by mainstream financial institutions rather than remaining confined to experimental or speculative use.
PwC notes that the next phase of growth will be driven not by unregulated crypto assets, but by regulated digital securities and tokenised financial instruments integrated into existing capital market frameworks.
Tokenised bonds and funds, alongside central bank digital currencies and regulated settlement tokens, are expected to reduce counterparty risk, shorten settlement cycles, and free up capital currently locked in clearing processes.
For Africa, PwC identifies tokenization as a strategic opportunity to leapfrog legacy market systems. Digital issuance and settlement frameworks could lower barriers to entry for global investors, improve transparency, and mobilise long-term capital for infrastructure, energy, and sustainable development projects.
Tokenised assets also offer a pathway to broaden participation by retail investors and the African diaspora, aligning with the goals of deeper financial inclusion and regional integration under the African Continental Free Trade Area.
However, PwC emphasises that widespread adoption will depend on regulatory readiness. Legal recognition of tokenised securities, robust investor protection, cybersecurity standards, and harmonised cross-border rules will be critical. Jurisdictions that establish clear and credible frameworks early are likely to attract a disproportionate share of global digital capital.
Looking ahead, PwC indicates that tokenization will evolve from pilot initiatives to core market infrastructure. Capital markets are expected to increasingly combine traditional financial models with digital architecture, fundamentally altering how capital is raised and allocated.
For African markets, the challenge is no longer whether digital assets will become relevant, but how quickly institutions, regulators, and issuers can position themselves to participate effectively in the next phase of global finance.
