Investment markets are becoming increasingly digital, yet some of the most significant opportunities continue to be linked to physical assets and economically productive activity.
Infrastructure, property, commodities, equipment and asset-backed finance have long formed part of the investment landscape. What is changing is the range of structures through which investors can access them. Private funds, listed vehicles, direct ownership, specialised credit strategies and tokenised instruments are gradually expanding the real-world asset opportunity set.
The term real-world assets, often shortened to RWAs, is used in more than one way. In conventional investment management, it can refer broadly to tangible or economically productive assets such as real estate, infrastructure, natural resources and physical equipment. In digital finance, it frequently describes physical or traditional financial assets whose ownership rights or economic interests are represented through digital tokens.
These definitions overlap because both connect investment capital with identifiable assets, contractual cash flows or productive economic activity. The distinction is important, however. Owning infrastructure directly is not the same as purchasing a token linked to infrastructure, and holding a private loan is different from acquiring a digital representation of that loan.
The CFA Institute describes real assets as physical, tangible and generally long-lived investments supporting the underlying infrastructure of the economy. These can include transport, communications, energy, data and real estate assets, accessed through direct ownership, funds or listed securities. (CFA Institute)
At the same time, tokenisation is creating new methods of recording and transferring economic interests in both real-world and financial assets. The CFA Institute Research and Policy Center explains that tokenisation can improve operational efficiency, transparency, fractionalisation and access, although regulatory uncertainty, cybersecurity and immature market infrastructure remain important limitations. (CFA Institute Research and Policy Center)
For investors, the opportunity therefore extends beyond one technology or asset class. It lies in the broader connection between capital and the physical, contractual and productive assets that support economic activity.
Real-World Assets Are Becoming More Relevant to Portfolio Construction
Traditional portfolios are often discussed in terms of listed equities and fixed-income securities. These markets remain central because they provide liquidity, transparent pricing and efficient access to a broad range of companies and governments.
Real-world assets can complement this structure by introducing different sources of return.
Rental payments, toll revenues, regulated utility charges, loan interest, equipment leases and commodity-linked income are not identical to corporate earnings or government bond coupons. Their performance may be influenced by distinct factors such as local property demand, infrastructure usage, contractual protections or the availability of essential services.
This can strengthen diversification, although no real asset is automatically protected from wider economic conditions. Property values may decline, infrastructure demand can weaken and borrowers may default. The investment case depends on the quality, financing and valuation of the particular asset.
Real-world assets may also support long-term liability matching. Pension funds, insurers and other institutional investors often require assets capable of generating income over extended periods. Operational infrastructure and established property may provide long-duration cash flows where contracts, regulation and demand remain sufficiently robust.
Interest has also been supported by the scale of investment required to maintain and expand the physical economy. The World Bank’s Infrastructure Foundations: From Current Assets to Future Growth highlights the importance of energy, transportation and digital connectivity to growth and employment while emphasising that investment decisions should be based on evidence about existing assets, costs and expected returns. (World Bank)
The strongest real-world asset opportunities are therefore not simply those attached to large spending requirements. They are assets with credible demand, disciplined financing and a clear economic purpose.
Infrastructure Is Expanding the Investable Real-Asset Universe
Infrastructure remains one of the most established categories of real-world asset investing.
Traditional infrastructure includes roads, ports, airports, railways, power networks, water systems and utilities. More recently, the category has expanded to include data centres, fibre-optic networks, telecommunications towers and other assets supporting digital connectivity.
These investments may appeal to long-term capital because many provide essential services and operate over several decades. Income may arise through user charges, long-term commercial agreements, regulated tariffs or availability-based payments.
However, infrastructure assets differ considerably.
An operating electricity network with regulated revenue has a different risk profile from a new transport project dependent on future passenger volumes. A data centre with long-term tenants is different from a speculative development whose demand has not yet been secured.
Investors must assess construction exposure, contractual terms, operating costs, regulation, technological change and refinancing requirements. They should also consider whether the asset will remain economically useful throughout its expected life.
The global need to renew existing infrastructure is helping expand the opportunity set. CFA Institute analysis notes that ageing roads, bridges, water systems and power networks require replacement or refurbishment, while digitalisation is increasing demand for additional communications and data infrastructure. (CFA Institute)
Private participation has already become an important component of infrastructure financing. The World Bank’s Private Participation in Infrastructure database reported that investment commitments in low- and middle-income countries reached US$100.7 billion in 2024, up from US$87.1 billion in 2023. The database covers more than 10,000 projects across 137 economies. (PPI Database)
These figures illustrate the scale of private involvement but do not imply that every project is suitable for investors. Infrastructure opportunities must still be evaluated asset by asset, with particular attention to legal certainty, project preparation and the allocation of risks between governments, operators, lenders and equity providers.
Digital Infrastructure Is Becoming a Distinct Investment Theme
Digital infrastructure demonstrates how the definition of real assets is evolving.
Data centres, fibre networks, cloud-supporting facilities and telecommunications towers are physical assets, but their demand is driven by digital activity. They enable businesses to store information, operate cloud-based systems, deliver online services and connect customers across markets.
This creates exposure to digital growth without requiring investors to own only software companies or technology platforms.
Digital infrastructure may generate income through leases, capacity agreements and long-term customer contracts. Yet demand growth alone does not guarantee an attractive investment. Location, electricity supply, cooling requirements, network access and customer concentration all affect economic performance.
Data centres can also require significant ongoing capital expenditure. Technology standards may evolve, and facilities must remain capable of supporting changing computing requirements. Assets located in regions with limited power availability or inadequate connectivity may struggle to achieve expected utilisation.
The World Bank’s infrastructure research treats digital connectivity—including data centres, cell towers and fibre-optic networks—as part of the physical infrastructure stock supporting future economic development. (PPP Resource Center)
For investors, digital infrastructure therefore combines characteristics of property, utilities and technology. It may offer long-duration contractual income, but successful allocation requires expertise across all three areas.
Real Estate Is Becoming More Specialised
Real estate is one of the most familiar forms of real-world asset investment, but the market is becoming increasingly specialised.
Conventional office, retail and residential properties remain important. At the same time, investors are examining logistics facilities, rental housing, healthcare buildings, laboratories, student accommodation, self-storage and data centres.
These sectors serve different economic needs and cannot be evaluated through a single property-market outlook.
Logistics facilities may benefit from supply-chain requirements and the movement of goods. Rental housing demand is influenced by household formation, affordability and local housing supply. Healthcare-related property depends on operator quality, demographic demand and reimbursement arrangements. Data centres require power, connectivity and technical resilience.
The value of private real estate is generally supported by a combination of rental income and potential capital appreciation. Investors must examine lease duration, tenant quality, vacancy, operating expenses, debt structure and future refurbishment requirements.
A property offering a high initial yield may still produce weak results if maintenance costs rise, tenants leave or refinancing becomes more expensive. Conversely, a lower-yielding property with strong tenants and limited capital expenditure may provide more dependable long-term income.
Real estate can also provide some sensitivity to changes in construction and replacement costs, but it should not be assumed to offer complete protection against inflation. The ability to adjust rents depends on lease terms, market demand and regulation.
The opportunity is therefore increasingly linked to asset selection, not broad exposure to property as a single category.
Asset-Backed Finance Is Connecting Credit with Productive Assets
Real-world asset investing is not limited to direct ownership. It can also involve financing physical assets or cash flows connected with them.
Asset-backed finance may include loans secured by equipment, vehicles, aircraft, property, inventories or receivables. Investors receive interest and principal payments, while identified collateral may provide some protection if the borrower fails to meet its obligations.
This area sits between private credit and real-asset investing.
For borrowers, asset-backed funding can release capital tied up in equipment or receivables. For investors, it may provide contractual income supported by assets whose value can be assessed independently from the borrower’s overall business.
The structure still carries risk. Collateral may depreciate, become obsolete or prove difficult to recover. Legal enforceability varies between jurisdictions, and the costs of repossessing and selling assets can reduce recoveries.
Investors should examine:
The quality and liquidity of the collateral
The amount lent relative to the asset’s value
The borrower’s capacity to make payments
The legal priority of the lender’s claim
The systems used to monitor the collateral
The existence of a physical asset does not eliminate credit risk. It changes the recovery framework and may provide an additional source of value if the original payment plan fails.
Asset-backed finance can nevertheless broaden portfolio diversification because repayments may be connected to equipment usage, consumer receivables, trade activity or other economic drivers that differ from conventional corporate bonds.
Commodities and Natural Resources Remain Core Real Assets
Commodities and natural resources are another established component of the real-world asset universe.
Metals, agricultural products, energy resources and timber contribute directly to economic production. Investors may gain exposure through physical holdings, commodity-linked securities, producing companies, funds or financing arrangements.
These assets can behave differently from equities and bonds because their value is influenced by supply, inventories, production costs and physical demand.
However, commodity exposure presents its own challenges. Prices can be volatile, storage may be expensive and returns from derivative-based funds can differ from movements in the underlying spot price. Natural-resource projects may also require substantial capital and long development periods.
Investors must distinguish between owning a commodity, financing its production and owning equity in a company that produces it. Each carries different operational, financial and market risks.
Tokenisation is now being explored as another route to commodity exposure. CFA Institute’s tokenisation research includes case studies involving gold, art, wine and other identifiable assets, demonstrating how digital records may be used to represent ownership interests or facilitate transactions. (CFA Institute Research and Policy Center)
The economic value still depends on the underlying asset. A digital token cannot make poor-quality collateral valuable or remove the costs associated with storage, verification and insurance.
Tokenisation Is Changing How Real-World Assets Can Be Accessed
Tokenisation involves creating a digital representation of an asset or ownership right on a distributed ledger.
The underlying asset could be property, a commodity, a private-market fund interest, a debt instrument or another recognised financial claim. The token records economic rights and may allow those rights to be transferred through digital infrastructure.
The OECD defines asset tokenisation as the digital representation of physical assets on distributed ledgers or the issuance of digitally native tokens. (OECD)
Potential benefits include fractional ownership, more efficient administration, improved transaction records and greater automation. Smaller units may reduce minimum investment requirements, while programmable features could simplify distributions, compliance checks or settlement.
The Bank for International Settlements notes that tokenisation can combine information recorded in databases with rules governing how transactions are executed. This may enable economic actions to occur automatically when specified conditions are met. (Bank for International Settlements)
For private markets, tokenisation may streamline fund administration and improve the transfer of investment units. CFA Institute research identifies possible operational gains related to settlement, transparency, compliance and the management of lock-up periods. (CFA Institute Research and Policy Center)
However, tokenisation does not by itself create liquidity.
A token may be technically transferable while having few buyers, no developed secondary market or restrictions on who can hold it. The existence of a digital record does not guarantee a fair price or immediate exit.
The OECD reported in 2025 that adoption of tokenised assets remained limited despite significant market interest. Impediments included fragmented infrastructure, legal uncertainty, limited interoperability and the absence of sufficiently developed markets. (OECD)
Tokenisation should therefore be viewed as an investment and operational structure—not as proof that the underlying asset is attractive.
Fractionalisation Could Broaden Access
One frequently discussed advantage of tokenisation is fractionalisation.
A commercial building, infrastructure asset or valuable commodity may require more capital than an individual investor can commit. Dividing economic ownership into smaller digital units could reduce entry thresholds and allow a wider range of investors to participate.
This could be particularly relevant to private assets, where minimum commitments have traditionally been high.
Broader access may improve portfolio choice, but it also raises questions about suitability. Real-world assets can be illiquid, operationally complex and difficult to value. Making them available in smaller units does not make them simpler.
Investors need clear information about the legal ownership structure, fees, distribution rights, valuation process and transfer restrictions. They should also understand whether the token represents direct ownership, a fund interest, a debt claim or a contractual right against an issuing entity.
The CFA Institute stresses that wider access does not remove fiduciary, marketing or suitability obligations. Investor protection remains important when complex and illiquid investments are distributed beyond institutional markets. (CFA Institute Research and Policy Center)
Fractionalisation may therefore widen the opportunity set, but responsible access requires disclosure and governance equal to the complexity of the underlying investment.
Secondary Markets Will Determine Whether Liquidity Improves
One of the most frequently stated benefits of tokenisation is the possibility of improving liquidity in traditionally illiquid assets. Digital ownership records may reduce administrative friction, allow assets to be divided into smaller units and make transfers easier to execute.
However, technical transferability is not the same as market liquidity.
A tokenised property interest may be transferable on a digital platform, but liquidity still depends on the presence of willing buyers and sellers. Investors also need reliable pricing, suitable market makers, recognised settlement arrangements and confidence in the legal rights attached to the token.
The OECD found that the adoption of tokenised assets remained limited despite strong interest from financial institutions and technology providers. Among the barriers identified were fragmented market infrastructure, uncertain legal frameworks and insufficient interoperability between platforms. (OECD)
This means that secondary markets may develop gradually rather than appearing automatically when an asset is tokenised.
Assets with standardised terms, reliable valuations and broad investor demand may be easier to trade. By contrast, individual properties, specialised equipment or highly customised private loans may remain difficult to price and sell even when represented digitally.
Investors should therefore distinguish between operational efficiency and economic liquidity. Tokenisation may improve the process of transferring an asset without necessarily increasing the number of potential buyers.
Legal Ownership Must Be Clearly Defined
The legal structure behind a real-world asset is more important than the technology used to represent it.
A token may represent direct ownership, a beneficial interest, a fund unit, a debt claim or a contractual right against an issuer. Each structure gives the investor different rights.
The central question is what the investor can enforce if something goes wrong.
CFA Institute’s research on the policy and regulatory implications of tokenisation emphasises that clear legal frameworks are essential for establishing property rights, determining applicable law and allowing claims to be enforced across jurisdictions. (CFA Institute Research and Policy Center)
Investors should understand:
Who legally owns the underlying asset
Whether the asset is held separately from the issuer’s own property
What rights token holders have to income or sale proceeds
How insolvency would affect those rights
Which jurisdiction governs disputes
Whether ownership records are recognised outside the digital platform
A technologically advanced structure cannot compensate for uncertain ownership.
This is particularly important where the physical asset is located in one jurisdiction, the issuing entity is incorporated in another and the digital platform operates elsewhere. Clear documentation is required to connect the token with enforceable legal rights in the underlying asset.
Valuation Remains an Asset-Level Discipline
Real-world assets often lack continuous market prices.
Property may be valued through comparable transactions and expected rental income. Infrastructure may be assessed using projected cash flows, regulated returns and long-term operating assumptions. Private loans may require analysis of borrower creditworthiness, collateral and expected recovery values.
Tokenisation does not remove these valuation challenges.
A digital platform may make a token price visible, but that price may not reflect the underlying asset’s fair value if trading is limited. Thin markets can produce prices based on small transactions rather than comprehensive information.
Investors should therefore examine how the underlying asset is valued, how often valuations are updated and whether independent appraisal is used.
They should also distinguish between asset value and token value.
The token may trade at a discount or premium because of platform liquidity, investor eligibility, transfer restrictions, fees or uncertainty about legal rights. Even when the underlying asset is stable, the digital instrument representing it may behave differently.
Valuation discipline is particularly important when fractionalisation allows a large number of investors to participate in assets that were previously evaluated mainly by specialist institutions.
Broader access should be accompanied by equally broad access to meaningful information.
Custody Must Cover Both Digital and Physical Assets
Real-world asset investing may require two distinct forms of custody.
The physical or financial asset must be safeguarded through conventional arrangements. At the same time, digital tokens, private keys and transaction records must be secured through appropriate technology and operational controls.
A token representing gold, for example, is only as credible as the arrangements used to verify, insure and store the metal. A token linked to property depends on reliable title records and asset management. A tokenised private loan still requires documentation, servicing and payment collection.
Digital custody introduces additional considerations.
Investors need to know who controls the private keys, how access is recovered if credentials are lost and what protections exist against unauthorised transfers. Cybersecurity, system resilience and operational governance are therefore central components of the investment structure.
CFA Institute identifies cybersecurity, immature infrastructure and investor-protection concerns among the principal limitations affecting tokenisation. (CFA Institute Research and Policy Center)
The strongest structures will connect digital records with independently verifiable off-chain assets. Regular audits, clear reconciliation processes and transparent reporting can help confirm that the token supply continues to correspond with the assets it is intended to represent.
Income-Producing Real-World Assets May Attract Long-Term Capital
Many real-world assets generate recurring income.
Property may produce rent. Infrastructure may generate regulated charges or contracted revenue. Asset-backed finance can provide interest payments. Equipment may generate lease income, while certain commodities can support financing and storage-related arrangements.
This can make RWAs relevant to pension funds, insurers, endowments and other investors seeking long-duration cash flows.
The investment case depends on the source and resilience of the income.
A property with multiple established tenants may provide a different income profile from a development project without committed occupancy. An infrastructure asset supported by long-term agreements differs from one dependent on uncertain user demand. A secured loan may offer contractual payments, but those payments remain dependent on the borrower’s ability to perform.
Investors should examine:
The reliability of counterparties
The duration of contracts or leases
The ability to increase charges or rents
Operating and maintenance expenses
Refinancing requirements
The seniority of the investor’s claim
The possibility that distributions are funded from capital rather than earnings
Income visibility should not be mistaken for income certainty.
The durability of cash flows depends on the asset’s economic usefulness, financial structure and operating quality.
Real-World Assets Can Broaden Portfolio Diversification
Real-world assets may provide exposure to return drivers that differ from those affecting listed shares and government bonds.
Infrastructure revenue can be influenced by regulation and essential-service demand. Property income may depend on local occupancy and lease structures. Commodity values are shaped by physical supply and consumption, while asset-backed credit depends on borrower performance and collateral.
These differences may support portfolio diversification.
However, real assets are not isolated from financial markets. Higher financing costs can affect property values and infrastructure projects. Economic weakness can reduce tenant demand and borrower repayment capacity. Publicly listed real-asset companies may also move closely with broader equity markets.
Diversification therefore depends on the specific structure.
Direct ownership, private funds, listed securities and tokenised interests may all provide exposure to similar assets while producing different liquidity, valuation and market behaviour.
Investors should assess the economic risks beneath the legal wrapper rather than assuming that an alternative structure automatically creates diversification.
Due Diligence Must Extend Beyond the Asset
Real-world asset investing requires analysis at several levels.
The first is the underlying asset. Investors must understand its condition, location, expected demand, revenue model and future capital requirements.
The second is the financial structure. Debt levels, repayment priorities, fees and distribution policies can significantly affect investor returns.
The third is the manager or operating partner. Property and infrastructure assets require active oversight, while private loans need servicing and credit monitoring.
The fourth is the legal structure. Investors need clarity about ownership, custody and enforcement.
For tokenised investments, a fifth level is added: the technology platform.
Investors should assess cybersecurity, interoperability, recordkeeping, digital custody and the procedures used if the platform ceases operating.
The Bank for International Settlements explains that tokenisation can integrate asset information with programmable rules and transaction execution. This may reduce certain frictions, but it also makes governance and platform design central to how the investment operates. (Bank for International Settlements)
Due diligence must therefore cover both the asset and the infrastructure through which it is accessed.
The Main Risks of Real-World Asset Investing
Real-world assets can provide income, diversification and exposure to productive economic activity, but they carry substantial risks.
Illiquidity may prevent investors from selling when capital is needed.
Valuation uncertainty can make it difficult to determine fair value between transactions.
Leverage may increase returns during favourable conditions but amplify losses when income falls or refinancing becomes expensive.
Operational risk can emerge through poor maintenance, weak asset management or inadequate loan servicing.
Legal risk may arise if ownership rights or claims are unclear.
Technology risk becomes relevant when investments depend on digital platforms, smart contracts or private-key custody.
Concentration risk may be significant because an individual property or infrastructure asset can represent a large commitment.
Counterparty risk affects rental agreements, private loans, construction contracts and tokenisation structures.
The Financial Stability Institute notes that tokenisation may improve efficiency and transparency, but many anticipated benefits remain unproven and may be accompanied by operational complexity, liquidity pressure and regulatory uncertainty. (Bank for International Settlements)
These risks do not eliminate the investment opportunity. They reinforce the need for disciplined selection and realistic return expectations.
The Future of Real-World Assets
The future of real-world asset investing is likely to involve both conventional and digital structures.
Infrastructure, real estate, private credit and commodities will continue to attract capital through direct investments, private funds and listed securities. Tokenisation may develop alongside these approaches by improving administration, settlement and investor access in selected markets.
The most promising applications are likely to be those that solve identifiable problems.
Tokenisation may be valuable where ownership records are fragmented, settlement is slow or minimum investment sizes are unnecessarily high. Programmable systems may also help automate interest payments, distributions, compliance checks and transaction conditions.
The BIS argues that tokenised platforms could combine money and assets within the same programmable infrastructure, reducing reconciliation and settlement frictions. (Bank for International Settlements)
Yet the development of real-world asset markets will depend on more than technological capability.
Investors will require legal certainty, reliable cash settlement, interoperable platforms, high-quality custody and sufficiently deep secondary markets. Without these foundations, tokenised assets may remain specialised products rather than becoming a mainstream component of capital markets.
The likely path is therefore gradual. Established financial institutions, asset managers and infrastructure providers may adopt elements of tokenisation while retaining conventional legal and custody arrangements.
Conclusion
Real-world assets are expanding the investment opportunity set by connecting capital with physical property, infrastructure, equipment, commodities and identifiable contractual cash flows.
Their appeal is rooted in economic purpose.
Infrastructure supports transport, energy and connectivity. Property provides space for households and businesses. Asset-backed finance helps companies fund productive equipment and working capital. Commodities contribute directly to economic activity.
Tokenisation is adding a new layer to this established market.
Digital records may improve administration, fractional ownership, compliance and settlement. They could also make selected private assets more accessible. However, technology cannot remove the fundamental requirements of sound investing.
The underlying asset must still have credible demand. Cash flows must remain sustainable. Ownership rights must be enforceable. Valuation must be disciplined, and custody must protect both digital records and physical assets.
Real-world assets should therefore be assessed according to their economic characteristics rather than their labels.
A tokenised investment is not automatically more liquid, transparent or valuable than a conventional one. A physical asset is not automatically resilient simply because it is tangible. The quality of the opportunity depends on structure, governance, financing and price.
For long-term investors, the strongest real-world asset opportunities may emerge where three conditions meet: an economically useful asset, a durable financial model and an investment structure that provides clear and enforceable rights.
As conventional finance and digital infrastructure become more closely connected, real-world assets may occupy a larger role in portfolio construction. Their development will not represent a departure from fundamental investment analysis. It will make that analysis even more important.
Frequently Asked Questions (FAQs)
What are real-world assets in investing?
Real-world assets are physical assets or traditional financial claims linked to identifiable economic activity, including property, infrastructure, commodities, equipment and asset-backed loans.
What is real-world asset tokenisation?
It is the process of digitally representing ownership or economic rights in a real or financial asset on a programmable ledger.
Does tokenisation make an asset liquid?
Not automatically. A token can be transferable while still having few buyers, limited pricing information or legal restrictions on trading.
What types of infrastructure qualify as real-world assets?
Examples include transport networks, utilities, power systems, telecommunications towers, fibre networks and data centres.
How do real-world assets generate income?
They may generate rent, interest, lease payments, user charges, regulated revenue or income from long-term commercial contracts.
Can real-world assets improve portfolio diversification?
They can introduce different return drivers, but their diversification value depends on the asset, financing structure and method of access.
What is fractional ownership?
Fractional ownership divides an asset or investment interest into smaller units, allowing several investors to hold portions of the same asset.
What legal risks affect tokenised assets?
Risks include unclear property rights, uncertain insolvency treatment, conflicting jurisdictions and difficulty enforcing claims against the underlying asset.
What should investors examine before investing in RWAs?
Investors should assess the underlying asset, cash flows, valuation, leverage, liquidity, legal rights, custody, manager capability and technology platform.
Will tokenisation replace conventional real-asset investment?
It is more likely to complement conventional structures by improving selected administrative and settlement processes rather than replacing direct ownership, funds or listed vehicles.
References
CFA Institute – Real Asset Investment: The Infrastructure Moment Is Now
https://www.cfainstitute.org/insights/articles/real-asset-investment-infrastructureCFA Institute Research and Policy Center – An Investment Perspective on Tokenization — Part I
https://rpc.cfainstitute.org/research/reports/2025/investment-perspective-tokenizationCFA Institute Research and Policy Center – An Investment Perspective on Tokenization — Part II: Policy and Regulatory Implications
https://rpc.cfainstitute.org/research/reports/2025/investment-perspective-tokenization-part-iiCFA Institute – Core Infrastructure Investment
https://www.cfainstitute.org/insights/articles/core-infrastructure-investmentOECD – Understanding the Tokenisation of Assets in Financial Markets
https://www.oecd.org/en/publications/understanding-the-tokenisation-of-assets-in-financial-markets_c033401a-en.htmlOECD – Tokenisation of Assets and Distributed Ledger Technologies in Financial Markets
https://www.oecd.org/en/publications/tokenisation-of-assets-and-distributed-ledger-technologies-in-financial-markets_40e7f217-en.htmlBank for International Settlements – Tokenisation for the Real World
https://www.bis.org/speeches/sp240209.htmBank for International Settlements – The Next-Generation Monetary and Financial System
https://www.bis.org/publ/arpdf/ar2025e3.htmBank for International Settlements – The Tokenisation Continuum
https://www.bis.org/publ/bisbull72.htmBank for International Settlements – Financial Stability Implications of Tokenisation: Executive Summary
https://www.bis.org/fsi/fsisummaries/exsum_23905.htmWorld Bank – Infrastructure Foundations: From Current Assets to Future Growth
https://www.worldbank.org/en/topic/infrastructure/publication/infrastructure-foundations-from-current-assets-to-future-growthWorld Bank – Private Participation in Infrastructure Database
https://ppi.worldbank.org/en/ppi