Digital Asset Industry Has Entered Institutional Era
Financial service operators should prepare for increased institutional market participation.
Updated on Sept. 24, 2026 in Financial Services
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Luno CEO James Lanigan stated that the digital asset industry has transitioned into an era of institutionalisation, following years of speculation and infrastructure development. The shift has accelerated since January 2024, driven by the approval of Bitcoin exchange-traded funds and increased activity from major financial institutions.
Why it matters
Institutional entry marks a pivotal change in market maturity, as firms now leverage tokenisation to improve product distribution and access. Businesses should note that this shift is contingent on regulatory clarity, which continues to drive investment and product development strategies.
Tokenised asset value has reached US$350 billion, compared to US$200 billion in 2024. Stablecoins currently account for 90 per cent of all on-chain tokenised asset value, with 98 per cent of that supply pegged to the US dollar.
The players
James Lanigan
CEO of Luno, a global cryptocurrency platform that provides exchange and wallet services to retail and institutional users.
Luno
A digital asset platform that facilitates the buying, selling, and storage of cryptocurrencies for millions of users worldwide.
The details
The industry's institutionalisation is evidenced by major payment networks building out stablecoin infrastructure or acquiring firms to capture market share. This development signals a departure from the speculative era of 2009-2017 and the infrastructure-building period of 2018-2022. Companies are now focusing on tokenisation to streamline financial product distribution, moving beyond simple asset holding to operational integration.
Timeline
2009-2017: The digital asset industry focused on speculation.
2018-2022: The industry shifted to infrastructure development.
2023: The institutionalisation era began.
January 2024: Bitcoin exchange-traded funds were approved.
September 24, 2026: Luno CEO James Lanigan addressed the industry transition at a conference in Kuala Lumpur.
Market Landscape
The January 2024 approval of Bitcoin exchange-traded funds serves as the primary catalyst for the current institutional era of digital assets. This shift mirrors historical adoption curves in financial services where regulatory clarity precedes large-scale institutional entry into new asset classes.
Operators should monitor the growing role of stablecoins, which now constitute 90 per cent of on-chain tokenised assets, as they may become standard tools for cross-border payment efficiency. Management teams should also assess how current stablecoin infrastructure might replace or augment existing payment networks in their respective industries.
The takeaway
The maturation of digital assets from a speculative market to an institutional one signals that tokenisation is moving into the mainstream operational toolkit. Keep track of developments in local-currency stablecoins as a potential hedge against the current reliance on the US dollar for 98 per cent of stablecoin supply.
Further reading
For broader trends impacting how capital moves through digital infrastructure, visit Financial Services.
Source note: This article includes information reported by NST Online.
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