Improvement of the typology of tokenized financial instruments

Authors

DOI:

https://doi.org/10.15587/2706-5448.2026.357878

Keywords:

finance, digital financial ecosystem, tokenized financial instruments, financial technologies, digital transformation, tokenization

Abstract

The object of research is the process of issuance and circulation of tokenized real-world assets (RWA), as the basis for the formation of digital financial instruments. The problem is the gaps in the typology of digital financial instruments, as a basis for expanding their issuance and circulation. Methods of content analysis of scientific literature and descriptive statistics of panel data, as well as methods of comparison and synthesis, typology and clustering serve as the methodological basis of this research, implemented on the basis of statistical data from the Statista and Market cap databases. The dynamics and changes in the structure of the tokenized real assets market are analyzed, clusters of related theoretical studies are identified. The rapid growth of the tokenized digital financial instruments market, which is moving from the “acceptance” stage to the “formation” stage, is substantiated. Two classes are distinguished in their structure: payment and investment. Payments are undergoing a stage of exponential growth and have already overtaken traditional payment systems in terms of total turnover. Investment is only being introduced in the financial market. The generalization of theoretical research allowed to identify the following contours of tokenization of real assets: legal, technological, informational. This became the basis for the allocation of the stages of emission and circulation of tokenized real assets and the formation of their topology. The practical significance of the results lies in determining the typology of tokenized RWA, which allows for their standardization, the formation of a regulatory framework and the personalization of financial instruments and payment services. The proposed typology connects real assets of different classes, takes into account the legal features of the functioning of financial markets, technological standards and identifies key participants in digital ecosystems. This approach allows to adapt/synchronize key elements of the formed digital financial architecture and regulatory and normative support.

Author Biographies

Oleksandr Manoylenko, National Technical University “Kharkiv Polytechnic Institute”

Doctor of Economic Science, Professor, Head of Department

Department of Accounting and Finance

Svitlana Kuznetsova, National Technical University “Kharkiv Polytechnic Institute”

PhD, Associate Professor

Department of Accounting and Finance

 

References

  1. Lavayssière, X. (2025). Legal Structures of Tokenised Assets. European Journal of Risk Regulation, 1–13. https://doi.org/10.1017/err.2024.88
  2. Lavayssière, X. (2024). Research Note on the Heterogeneity of the Tokenization of Financial Assets. 2024 6th Conference on Blockchain Research & Applications for Innovative Networks and Services (BRAINS). Berlin: IEEE, 1–2. https://doi.org/10.1109/brains63024.2024.10732456
  3. Arrieta-Sevilla, L. J. (2025). La inversión inmobiliaria directa a través de tokens. Revista de Derecho Civil, 12 (2), 77–115. Available at: https://hdl.handle.net/10171/116945
  4. Benedetti, H., Smith, S. S.; Baker, H. K., Filbeck, G., Black, K. (Eds.) (2024). Cryptoassets and Fintech. The Emerald Handbook of Fintech. Emerald Publishing, 267–281. https://doi.org/10.1108/978-1-83753-608-520241034
  5. Boreiko, D., Ferrarini, G., Giudici, P. (2019). Blockchain Startups and Prospectus Regulation. European Business Organization Law Review, 20 (4), 665–694. https://doi.org/10.1007/s40804-019-00168-6
  6. Momtaz, P. P.; Baker, H. K., Benedetti, H., Nikbakht, E., Stein Smith, S. (Eds.) (2023). Security Tokens. The Emerald Handbook on Cryptoassets: Investment Opportunities and Challenges. Emerald Publishing, 61–78. https://doi.org/10.1108/978-1-80455-320-620221005
  7. Nowak, K. A., Wiśniewski, M., Litwiński, M. (2024). Is It Worth Investing in Tokens? Investment Performance of Digital Tokens in Financial and Axiological Contexts. Journal of the Knowledge Economy, 16 (1), 663–690. https://doi.org/10.1007/s13132-024-01962-5
  8. Yatsyk, T., Shvets, V. (2020). Cryptoassets as an emerging class of digital assets in the financial accounting. Economic Annals-ХХI, 183 (5–6), 106–115. https://doi.org/10.21003/ea.v183-10
  9. Parrondo, L. (2020). DLT-based Tokens Classification towards Accounting Regulation. Proceedings of the 2nd International Conference on Finance, Economics, Management and IT Business. SciTePress, 15–26. https://doi.org/10.5220/0008937600150026
  10. Herschaft, J. A., Gitlitz, M. A. (2019). Heads or tails? Making sense of crypto-tokens issued by emerging blockchain companies. The Banking Law Journal, 136 (6). Available at: https://www.blankrome.com/publications/heads-or-tails-making-sense-crypto-tokens-issued-emerging-blockchain-companies
  11. Subramanian, H. (2019). Security tokens: architecture, smart contract applications and illustrations using SAFE. Managerial Finance, 46 (6), 735–748. https://doi.org/10.1108/mf-09-2018-0467
  12. Mirdala, R. (2025). Tokenization of Real-World Assets: Legal Frameworks, Market Dynamics, and Policy Pathways for a Decentralized Financial Future. Journal of Applied Economic Sciences (JAES), 20 (16), 285. https://doi.org/10.57017/jaes.v20.2(88).09
  13. Pramudya, H., Alamsyah, A., Tricahyono, D. (2024). Blockchain-Based Tokenization for Green Bonds: A Model for Transparency and Compliance in Sustainable Finance. 2024 IEEE Asia-Pacific Conference on Geoscience, Electronics and Remote Sensing Technology (AGERS). Manado: IEEE, 64–69. https://doi.org/10.1109/agers65212.2024.10932908
  14. El Jaouhari, A., Samadhiya, A., Kumar, A., Chokshi, H., Šešplaukis, A., Raslanas, S. (2025). Tokenization and the future of property investment: A new paradigm for real estate. International Journal of Strategic Property Management, 29 (4), 297–315. https://doi.org/10.3846/ijspm.2025.24814
  15. Bhatia Sarin, A.; Vardari, L., Qabrati, I. (Eds.) (2024). Understanding of Decentralized Finance and Tokenization in FinTech. Decentralized Finance and Tokenization in FinTech. IGI Global Scientific Publishing, 285–309. https://doi.org/10.4018/979-8-3693-3346-4.ch016
  16. Statista. Available at: https://www.statista.com/
  17. Historical cryptocurrency market capitalizations. CoinMarketCap. Available at: https://coinmarketcap.com/
  18. Wheatley, S., Sornette, D., Huber, T., Reppen, M., Gantner, R. N. (2019). Are Bitcoin bubbles predictable? Combining a generalized Metcalfe’s Law and the Log-Periodic Power Law Singularity model. Royal Society Open Science, 6 (6), 180538. https://doi.org/10.1098/rsos.180538
  19. Visualizing scientific landscapes. VOSviewer. Available at: https://www.vosviewer.com/
  20. Analytics on Tokenized Real-World Assets. RWA.xyz. Available at: https://app.rwa.xyz/
  21. Suresh, R., Kumar, S., Liu, D., Kronfellner, B., Kaul, A. (2022). Relevance of On-Chain Asset Tokenization in “Crypto Winter”. Boston Consulting Group. Available at: https://www.bcg.com/publications/2022/relevance-of-on-chain-asset-tokenization
  22. ForkLog. Available at: https://forklog.com/
Improvement of the typology of tokenized financial instruments

Downloads

Published

2026-04-30

How to Cite

Manoylenko, O., & Kuznetsova, S. (2026). Improvement of the typology of tokenized financial instruments. Technology Audit and Production Reserves, 2(4(88), 88–97. https://doi.org/10.15587/2706-5448.2026.357878

Issue

Vol. 2 No. 4(88) (2026): Economics of enterprises. Macroeconomics

Section

Economic Cybernetics

License

Copyright (c) 2026 Oleksandr Manoylenko, Svitlana Kuznetsova

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

The consolidation and conditions for the transfer of copyright (identification of authorship) is carried out in the License Agreement. In particular, the authors reserve the right to the authorship of their manuscript and transfer the first publication of this work to the journal under the terms of the Creative Commons CC BY license. At the same time, they have the right to conclude on their own additional agreements concerning the non-exclusive distribution of the work in the form in which it was published by this journal, but provided that the link to the first publication of the article in this journal is preserved.