Partnership between Centrifuge and Finoa for Tokenized T-Bill Fund Custody

**2025 marked RWA tokenization's evolution from experimentation to institutional infrastructure.** Three major reports confirm the shift: - **Birdeye RWA Spectrum 2025** shows institutions moving real capital onchain across credit, equities, and funds - no longer just testing pilots - **Keel Finance's tokenization regatta** demonstrates accelerating institutional adoption across platforms - **Centrifuge's year-end analysis** identifies key trends: regulated custody, benchmarks, and real equity moving from concept to production **The foundation is set for 2026's challenge: institutional deployment at scale.**

**2025 marked a pivotal shift** as crypto market infrastructure began connecting into a cohesive system. Key developments this year: - **Building blocks are now in place** across the ecosystem - Infrastructure is **taking tangible shape** after years of development - Market positioning complete for those who **paid attention** The focus now shifts to **volume flow** - how quickly transactions and capital will move through these newly connected rails. **2026 outlook**: Those who understood and positioned themselves during 2025's infrastructure buildout are **well-positioned** for the next phase of market evolution. The foundation is set. Now we measure adoption speed.

**Equity tokenization is becoming the next major frontier** after 2024's focus on Treasuries. The shift toward **equity and private markets** represents the real opportunity for 2025, with BCG forecasting the tokenization market to reach **$18.9 trillion by 2033**. Key developments: - Equities expected to dominate the tokenization landscape - Supporting infrastructure finally taking shape - Private markets gaining traction alongside public equity This evolution follows 2024's Treasury-focused year, where tokenized U.S. Treasuries saw significant growth and competition among blockchain platforms intensified.

**Institutions are moving toward familiar benchmark products** as they seek confidence in crypto allocations. - Traditional investors prefer **regulated benchmarks** they can understand - **Proof-of-Index** demonstrated the viable path forward - Infrastructure for **onchain regulated benchmarks** is now emerging This shift represents institutions gravitating toward **standardized risk assessment tools** rather than experimental crypto products. **Standards are crystallizing** as the market matures beyond speculation toward institutional-grade infrastructure.

**Tokenization has matured from experimental phase to production-ready infrastructure.** The technology now offers institutional-grade standards and capabilities. **Key developments:** - Hard standards have replaced speculative hype - Production-grade rails are now operational - Infrastructure can handle institutional trading volumes **This represents a fundamental shift** from proof-of-concept to scalable, real-world implementation. The underlying architecture is now **programmable, interoperable, and globally accessible**. Institutions no longer need to wait for the technology to catch up to their requirements.