The Australian stock exchange (ASX) abandoned its 2016 blockchain-driven trading system after a $170mn investment, citing software flaws and management issues, and paid a $14.5mn fine for misleading investors. Despite this setback, Wall Street is now embracing blockchain, driven by regulatory clarity and the rise of tokenisation—converting assets like stocks and bonds into digital tokens for 24/7 trading. Regulators in the US, EU, and Singapore now oversee digital ledger technology, reducing perceived risks. Jamie Dimon of JPMorgan Chase and Larry Fink of BlackRock are leading institutional adoption, with Fink comparing tokenisation to the internet’s transformative impact on finance.

Tokenised money, particularly stablecoins (over $300bn in circulation), is growing rapidly, enabling instant settlements and yielding daily returns unlike traditional funds. The IMF warns of systemic risks in blockchain systems, but regulators and firms like Euronext see the potential to modernize outdated financial infrastructure. Tokenisation aims to eliminate intermediaries, speeding up processes like dividend payouts via smart contracts.