Private markets are becoming a major test for bank-grade tokenization.
Citi’s reported rollout of tokenized depositary receipts for private-company shares shows how tokenization is moving beyond simple asset representation.
The important shift is not just that private assets can be digitized. It is that issuance, custody, investor access, and market infrastructure are beginning to converge within regulated financial institutions.
For RWA, this is where the conversation becomes more serious.
Private markets have long been difficult to access and structurally opaque, often relying on fragmented vehicles and limited distribution channels. Tokenization can improve that model, but only when the infrastructure behind the asset is strong enough to support clear rights, reliable custody, compliance, settlement, and liquidity.
The next phase of private-market tokenization will not be defined by digital wrappers alone.
It will be defined by trusted rails that make private assets easier to access, clearer to manage, and more reliable to trade within institutional market structures.
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