Author: Zhang Feng

In the global wave of financial digitization, "asset tokenization" is becoming the core bridge connecting traditional finance and the digital economy. Larry Fink, CEO of the world's largest asset management company BlackRock, has referred to it as "the next revolution in financial markets," while Japanese financial giant Nomura Securities is exploring a tokenization path that aligns with its positioning in a complex and ever-changing market environment.

Although both aim to achieve efficient asset flow and value reconstruction through tokenization, their business backgrounds, strategic layouts, profit models, and the challenges they face show distinct differences. This article will conduct a comparative analysis of the tokenization practices of the two institutions from multiple dimensions and explore their future development trends through case studies.

I. Differences Rooted in Global Vision and Regional Depth

BlackRock: The Digital Transformation of a Global Asset Management Giant. As a leader in the global asset management industry, BlackRock's business scale and strategic foresight form a solid foundation for advancing tokenization. As of the third quarter of 2025, BlackRock's assets under management (AUM) reached $13.5 trillion, a figure that not only reflects its market influence but also provides ample funding, technology, and client resources for its exploration in the tokenization field.

Notably, Larry Fink's attitude towards digital assets has undergone a significant transformation from "skeptic" to "advocate." He previously criticized Bitcoin as a "money laundering index," but in recent years has repeatedly emphasized the strategic significance of blockchain technology and asset tokenization, even likening crypto assets to "digital gold," believing they play an irreplaceable role in portfolio diversification. This shift in high-level recognition provides top-level support for BlackRock's comprehensive embrace of tokenization.

Nomura Securities: Lessons from Internationalization and Business Restructuring of a Local Giant. As Japan's largest investment bank and securities company, Nomura's business is deeply rooted in the Japanese market while also being significantly influenced by its internationalization journey. In the fiscal year ending March 2025, Nomura achieved a record annual net profit of 340.7 billion yen, demonstrating its strong profitability in the domestic market.

However, Nomura's path to international business expansion has not been smooth. The integration challenges faced after acquiring parts of Lehman Brothers' assets in 2008, along with the approximately $2.9 billion loss due to the Archegos Capital collapse in 2021, have made it more cautious in its internationalization strategy. These experiences have also prompted Nomura to focus more on risk control and business synergy in advancing tokenization, especially by selectively concentrating on advantageous areas in regional markets.

II. Differentiated Strategic Path Choices

BlackRock Builds a "Full Asset Tokenization" Ecosystem. BlackRock's tokenization strategy is highly systematic and ecological. Its core goal is to tokenize traditional financial assets such as stocks, bonds, and real estate through blockchain technology and integrate them into digital wallets, allowing investors to build diversified portfolios on the same platform.

This strategy has been initially validated through two representative products:

iShares Bitcoin Trust (IBIT): In less than 450 days, its AUM surpassed $100 billion, becoming the fastest-growing ETF product in history. The success of IBIT not only reflects strong market demand for digital assets but also provides confidence for BlackRock to further expand its tokenization product line.

Tokenized Money Market Fund BUIDL: Since its launch in March 2024, its AUM has grown to nearly $3 billion. BUIDL not only offers on-chain yield options for investors but also demonstrates the potential of tokenization in enhancing asset liquidity and reducing transaction costs.

BlackRock's tokenization path essentially extends "from traditional to digital," with advantages in its vast existing assets and client base, as well as strong product design capabilities.

Nomura Securities' Tokenization Exploration in Business Restructuring. Unlike BlackRock's comprehensive layout, Nomura's tokenization path is more pragmatic and localized. Faced with challenges in the development of wealth management business in China—including the impact of the "common prosperity" policy, slowing economic growth, and fierce competition—Nomura is shrinking related businesses and plans to focus resources on asset management and research.

At the same time, Nomura is returning to the cash prime brokerage business in Europe and the U.S., a move that may create synergies with its tokenization strategy. For example, improving transaction settlement efficiency through blockchain technology or providing digital asset custody services for institutional clients. Nomura has also strengthened its influence in the Western market by acquiring Macquarie Group's public asset management business, which brought in approximately $180 billion in client assets. Nomura's tokenization exploration is more driven by "business pain points," gradually advancing technological integration and model innovation while maintaining stability in traditional businesses.

III. Management Fee Dominance and Transaction-Driven Models

BlackRock's Asset Management Fees and Ecological Revenue Coexist. BlackRock's tokenization profit model is closely aligned with its traditional business, primarily relying on asset management fees and ecological revenue. By tokenizing traditional assets, BlackRock can reach digital asset investors who are currently underserved by traditional financial institutions. According to Morgan Stanley, the total value of crypto assets, stablecoins, and tokenized assets exceeds $4.5 trillion, and these funds "currently lack access to long-term investment products."

The success of the BUIDL fund not only brings considerable management fee income but also lays the market foundation for BlackRock to issue more tokenized products (such as tokenized bonds, REITs, etc.) in the future. As the categories of tokenized assets continue to diversify, BlackRock is expected to generate additional revenue through derivative businesses such as trading services and custody solutions beyond asset management fees.

Nomura Securities' Core Focus on Trading Business and M&A Consulting. Nomura's profit structure relies more on trading business and M&A consulting fees. In the fourth quarter of the 2025 fiscal year, its global markets division revenue grew by 7%, with stock trading revenue surging by 24%. This performance positions Nomura alongside investment banks like Goldman Sachs and Morgan Stanley as beneficiaries in market volatility.

In the field of tokenization, Nomura's profit model may lean more towards:

• Providing structural design and issuance services for tokenized assets to institutional clients;
• Supporting digital asset trading and lending through prime brokerage services;
• Incorporating tokenization solutions into M&A consulting to enhance transaction efficiency.

Although Nomura has not yet launched large-scale tokenized fund products like BlackRock, its experience in trade execution and cross-border business may become an important support for its future tokenization profits.

IV. Grand Vision and Pragmatic Strategies Coexist

BlackRock Leads the "Tokenization of All Assets" Wave. Larry Fink's vision for tokenization is grand. He cites predictions from Mordor Intelligence that the market size for tokenized assets will exceed $2 trillion by 2025 and is expected to surpass $13 trillion by 2030. BlackRock has viewed tokenization as "the next wave of opportunity for the coming decades" and is strategically focusing on it at the group level.

Wall Street also holds a positive attitude towards BlackRock's tokenization layout. Morgan Stanley reaffirmed its "overweight" rating on its stock and listed "tokenization of all assets" as one of the key investment themes. It is foreseeable that BlackRock will continue to drive tokenization from marginal experimentation to mainstream application through product innovation, collaborative alliances, and technological investment.

Nomura Securities' Regional Focus and Business Restructuring Progress Together. Nomura's development strategy places greater emphasis on regional advantages and business restructuring. After acquiring Macquarie's related assets, Nomura has further strengthened its asset management capabilities in the U.S. market. At the same time, the company is seeking a new CEO for its Chinese joint venture brokerage and plans to enhance its sales and trading business in China.

In terms of tokenization, Nomura may adopt a "pilot first" strategy, such as promoting the tokenization of real estate or art domestically in Japan or exploring digital securities issuance in Southeast Asian markets through joint platforms. This regional focus strategy, while not as aggressive as BlackRock's, aligns better with its resource endowment and risk preferences.

V. Dual Tests of Technological Regulation and Market Adaptability

BlackRock's Long-Term Game of Technology and Regulation. Although BlackRock has a first-mover advantage in the field of tokenization, it still faces multiple challenges:

Technological Maturity: Tokenization is still in its early stages, and the scalability, interoperability, and security of blockchain networks have yet to be fully tested through large-scale asset issuance.

Regulatory Uncertainty: Countries have not yet unified the classification, issuance, and trading rules for tokenized assets, and BlackRock needs to advance product innovation within a compliant framework.

Market Acceptance: Traditional financial institutions and individual investors still need time to cultivate their understanding of tokenized assets, especially for non-standardized asset tokenization.

Nomura Securities' Regional Risks and Business Transformation Pressures. The challenges faced by Nomura are more direct and structured:

Setbacks in the Chinese Market: Nomura Orient International Securities has accumulated losses of 618 million yuan since its establishment in 2019, reflecting its adaptation difficulties in the Chinese market.

Corporate Governance Issues: Disputes with former executives, insufficient product due diligence, and other controversies may affect its brand reputation and strategic execution.

International Business Risks: Although returning to the European and American markets brings opportunities, geopolitical fluctuations and intensified competition still pose potential threats.

VI. Different Paths Leading to the Same Future of Tokenization

The path choices of BlackRock and Nomura Securities in the field of tokenization reflect their respective corporate genes and market positioning. BlackRock, leveraging its global resources and strategic ambition, is committed to building a grand vision of "all assets being tokenizable"; while Nomura, based on regional advantages and business restructuring, adopts a more cautious and phased tokenization strategy.

Despite their differing paths, both point in the same direction: enhancing financial efficiency, expanding service boundaries through asset tokenization, and ultimately promoting the deep integration of the digital economy and the real economy. As technology continues to mature and regulation gradually clarifies, tokenization is expected to become an important engine for the evolution of the global financial system. The practices of BlackRock and Nomura not only provide references for their peers but also outline diverse possibilities for the digital transformation of the entire industry.

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