Europe reset the market. The licensed players capture the transition.
MiCA changed the bar overnight.
Before MiCA, Europe's digital asset market was fragmented and loosely supervised, with thousands of firms operating under varying standards. With MiCA in full effect, the bar rose sharply. Most firms now face a choice: achieve authorization, exit, or partner with a regulated player.
About 1 in 6 of the firms that held pre-MiCA registrations have crossed the new bar — of more than 1,200 such firms, roughly 210 have secured MiCA CASP authorization across the EU. Source: ESMA MiCA register, 2026.
The prize is large, and it is early.
Boston Consulting Group sizes tokenized real-world assets at roughly 30 billion dollars today, growing to as much as 88 trillion dollars by 2035 in its progressive scenario, about 16 percent of all global investable assets. The same shift puts up to 30 percent of bank profits at risk as value migrates to whoever owns the rails.
"I do believe we are just at the beginning of the tokenization of all assets, from real estate to equities to bonds, across the board."Larry Fink · October 2025
The scarce asset is regulated distribution.
Technology is not the constraint. Regulated origination, custody, and settlement are. The firms that own those at the start of the curve capture the transition, not the firms that arrive with software once the rails already exist.
We hold a live MiFID II issuance license, custody and payments in the authorization process, treasury infrastructure ready, and a settlement layer mainnet-ready. We were early to the asset class, and we are licensed where it is hard to be.
This page contains forward-looking statements and third-party market figures attributed to their sources. Pending items are not live until completed.