Real-World Asset Tokens and the Future of Market Infrastructure and Liquidity
This project explores one of the fastest-growing areas in decentralized finance (DeFi): crypto assets. Currently, 7% of adults in the Nordic region own cryptocurrencies, a figure that continues to rise steadily (see EY, Nordic Crypto Adoption Survey 2024). This project aims on tokenized real-world assets (RWAs) such as digital bonds or tokenized equity shares (not cryptocurrencies) into regulated markets. Aiming to promote cutting-edge scientific research that strengthens the infrastructure, competence, and competitiveness of financial markets in the wider Nordic region, which also aligns with the Nasdaq Nordic Foundation's mission. Our project addresses two core and timely challenges. First, it examines how traditional centralized exchanges can be adapted to support the listing and trading of tokenized assets through robust technical and regulatory infrastructure within the EU legislation (e.g., MiCA). Second, it explores how tokenization, particularly fractional ownership and the decentralized or centralized exchange mechanisms, affects liquidity, volatility, and price discovery, especially in traditionally illiquid asset classes such as real estate or asset classes with limited access for retail investors, such as bonds.
Project name: Real-World Asset Tokens and the Future of Market Infrastructure and Liquidity
Project manager:
Bertram Steininger
, Division of Real Estate Economics and Finance, KTH
Other participants in the project from KTH:
Seyedeh Fatemeh Mottaghi, Postdoctoral Researcher at KTH
Shufan Ma is a senior PhD researcher jointly supervised by KTH and the Technical University of Denmark (DTU)
Financing: Nasdaq Nordic Foundation
Project period: 2026-01-01 - 2027-12-31
The research will generate academic insights while also producing practical policy recommendations for regulators, exchanges, and financial institutions in the Nordic region. These recommendations will focus on safe, inclusive, and efficient adoption of tokenized asset markets, contributing directly to the Foundation's aim of improving market functionality and innovation readiness. Moreover, the project contributes to capacity building by combining interdisciplinary approaches -- drawing from finance, mathematics, and regulatory studies, and aims to foster collaboration between academic researchers, market practitioners, and policymakers. The project team is affiliated with KTH Royal Institute of Technology doing with other crypto-assets projects also and works closely with industry actors and research networks in Sweden and across Europe.
This project is embedded in FinTech group at KTH and will investigate the infrastructure needs and market implications of integrating tokenized real-world assets (RWAs) into regulated Nordic capital markets. Our approach combines regulatory analysis, data-driven econometric modeling, and simulation-based models. The project is grounded in financial theory, institutional context, and empirical evidence, ensuring both scientific rigor and practical relevance.
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