DLT in the real world 2025: report

A practical perspective on where, why and how distributed ledger technology is changing our capital markets.

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DLT has journeyed from curiosity to impact. It is now being assessed with clear commercial objectives. This report examines who is already using on-chain applications, why firms now prioritise new product revenue, and what is accelerating adoption.

Live on-chain today

Adoption

Live adoption is no longer a leading indicator — it is the baseline for firms serious about DLT as a commercial tool.

A growing share of firms are already using DLT to generate new product revenues, double the figure from 2024.

Revenue drives DLT

Investment

New product revenue has overtaken efficiency gains as the leading business case — shifting DLT from a cost story to a growth story.

Firms that framed DLT only as an efficiency tool are revisiting their investment rationale as commercial applications mature.

US leads growth

Momentum

The United States is the fastest-growing DLT market — driven by regulatory clarity and successful tokenised fund launches.

North American momentum is drawing investment and talent towards the US market, widening the gap with Europe and Asia.

Distributed Ledger Technology (DLT) has moved beyond experimentation and into live use. The central question is no longer whether firms should engage, but where adoption is generating commercial value and how quickly it is changing market behaviour.

What is making DLT commercially credible in 2025? Why are firms increasingly treating it as a tool for liquidity, financing and revenue growth rather than just operational efficiency?

The report shows how adoption is evolving from isolated pilots to production use. It illustrates growing activity across tokenised funds, digital money, issuance and post-trade models.

The International Securities Services Association (ISSA) report, sponsored by Accenture, Broadridge and Taurus, highlights:

One third of the market is already using on-chain applications in production

42% of firms now see new product revenue as the main driver for DLT investment, overtaking cost savings as the leading business case

The United States has become the fastest-growing DLT market, with activity rising 72% year on year as regulatory clarity and successful tokenised fund launches strengthen momentum

Tokenised funds, stablecoins and tokenised money market funds are becoming more central to how firms address financing, collateral and cash mobility challenges

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