BCG Expand is a lead sponsor of the SODA Tokenization at Investment Banks Survey 2026 — an independent study of how 16 of the world’s largest investment banks are approaching tokenization today.
Collateral mobility and tokenized repo have emerged as the strongest institutional use case — the place where tokenization connects most clearly to real banking economics: liquidity, intra-day funding and collateral optimization.
The conviction is striking. Asked whether tokenization will reshape liquidity management within five years, 90% of Heads of Repo said yes — 50% moderately, 40% fundamentally. Every respondent expected some material impact. Tokenization has moved from concept to institutional program, but not yet to production.
