<img width="600" height="599" src="https://www.greyspark.com/wp-content/uploads/2025/07/GSP-Report-Institutional-Digital-Assets-Market-Infrastructure-Feature-Image-600x599.png" class="attachment-woocommerce_single size-woocommerce_single wp-post-image" alt="" title="GSP - Report - Institutional Digital Assets Market Infrastructure - Feature Image" data-caption="" data-src="https://www.greyspark.com/wp-content/uploads/2025/07/GSP-Report-Institutional-Digital-Assets-Market-Infrastructure-Feature-Image.png" data-large_image="https://www.greyspark.com/wp-content/uploads/2025/07/GSP-Report-Institutional-Digital-Assets-Market-Infrastructure-Feature-Image.png" data-large_image_width="961" data-large_image_height="960" decoding="async" fetchpriority="high" srcset="https://www.greyspark.com/wp-content/uploads/2025/07/GSP-Report-Institutional-Digital-Assets-Market-Infrastructure-Feature-Image-600x599.png 600w, https://www.greyspark.com/wp-content/uploads/2025/07/GSP-Report-Institutional-Digital-Assets-Market-Infrastructure-Feature-Image-768x767.png 768w, https://www.greyspark.com/wp-content/uploads/2025/07/GSP-Report-Institutional-Digital-Assets-Market-Infrastructure-Feature-Image-140x140.png 140w, https://www.greyspark.com/wp-content/uploads/2025/07/GSP-Report-Institutional-Digital-Assets-Market-Infrastructure-Feature-Image-400x400.png 400w, https://www.greyspark.com/wp-content/uploads/2025/07/GSP-Report-Institutional-Digital-Assets-Market-Infrastructure-Feature-Image-150x150.png 150w, https://www.greyspark.com/wp-content/uploads/2025/07/GSP-Report-Institutional-Digital-Assets-Market-Infrastructure-Feature-Image.png 961w" sizes="(max-width: 600px) 100vw, 600px">

Institutional Digital Assets Market Infrastructure

From Big Bang to Atomic Settlements

Global financial markets stand at a critical juncture as tokenisation and digital issuance transform how assets are created, traded and settled. Building on decades of innovation, from London’s Big Bang to electronic trading, the current wave of digitisation is unprecedented in its speed and complexity, driven not only by regulated financial institutions but also by decentralised finance (DeFi) ecosystems and rapid technological evolution.

Published on: 14 Jul, 2025

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At a Glance
Table of Contents

Description

In this report, GreySpark Partners examines the evolving infrastructure underpinning institutional engagement with digital assets. GreySpark’s objective is threefold to:

Identify the key protagonists shaping this shift;
Trace the lineage of market infrastructure reforms that brought us to this point;
Offer a reasoned perspective on what is likely to happen next.

The road ahead is not linear, and there is no consensus on timing or implementation but by mapping the players, patterns and plausible pathways, this report sheds some light on the way forward.

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Prediction Markets

Table of Contents

1. Introduction
- 1.1 So, What are Digital Assets?

2. Towards a Taxonomy of Digital Assets
- 2.1 Asset Class Maturity and Opportunities
- 2.2 The DeFi Dimension: Stablecoins, CBDCs & the Edge of Regulation

3. From FXall to Canton: Stitching the System Together