The future of digital assets in financial services

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When most people hear the term “digital assets,” their minds immediately gravitate toward Bitcoin or Ethereum, cryptocurrencies that have dominated headlines for more than a decade. However, experts say the bigger story is in the underlying technology and the sweeping transformation it may hold for the global financial infrastructure.

“At the heart of this transformation is Distributed Ledger Technology (DLT), a secure and decentralized way to record transactions,” said Clint Dishman, director of the Strategic Investment Advisors group at BOK Financial®. “Think of it as a shared digital ledger that everyone can trust because no single party controls it.”

Brian Henderson, chief investment officer at BOK Financial, echoed this sentiment, noting that while cryptocurrencies will remain part of the conversation, “the underlying technology is what may change the game.”

What makes DLT different

Unlike traditional systems that rely on centralized intermediaries, DLT distributes control across a network, reducing systemic risk and enhancing transparency, according to Henderson. Transactions that once required multiple days and layers of verification can now conclude within seconds, even during weekends and holidays. By eliminating redundant intermediaries, DLT significantly reduces fees associated with cross-border payments and securities clearing, he noted.

Also compelling is the concept of programmable money, which allows payments to embed conditional logic—such as releasing funds only upon delivery of goods—streamlining compliance and mitigating fraud, Dishman said. “These innovations could make financial transactions faster, more transparent and available around the clock,” he explained. Henderson added, “It holds out the potential for reconciliation when buys and sales of securities happen instantaneously.”

Innovations already reshaping finance

Several developments illustrate how DLT is moving beyond theory into practical application, according to experts. Stablecoins, for instance, are digital tokens pegged to currencies like the U.S. dollar. “Stablecoins enable instant, low-cost payments across borders without the volatility of Bitcoin,” Dishman noted, underscoring their role in reducing friction in global commerce.

Tokenization represents another breakthrough, converting real-world assets—such as stocks, bonds and real estate—into digital tokens. Henderson emphasized the efficiency gains from this technology: “Private fund transactions that take weeks today could happen in minutes.”

Smart contracts, meanwhile, introduce self-executing agreements coded into blockchain networks, automating workflows, compliance checks and even real-time reporting, Dishman explained. Together, these innovations represent a paradigm shift toward financial systems that can operate continuously and securely at a fraction of today’s cost, experts said.

Turning potential into reality will require clear rules

Dishman believes that digital payment systems have the potential to democratize access to markets that have historically been illiquid and opaque. They can also reduce operational risk through immutable ledgers and automated compliance and enable global commerce without reliance on slow correspondent banking networks.

However, he cautioned, “Turning potential into reality will require clear rules—and that’s where regulation comes in.” Henderson similarly noted that, while banks are actively testing use cases, widespread adoption of digital assets will hinge on the ability to reconcile innovation with regulatory obligations. “Financial markets are highly regulated for good reason. Figuring out how to comply while making trades faster and cheaper is the challenge,” he said.

The main legislative action so far has been the GENIUS Act, enacted in July 2025, which introduced stringent standards for payment stablecoins, including one-to-one reserve backing and monthly disclosures.

The next milestone, the CLARITY Act, now pending in Congress, focuses on digital assets beyond payment stablecoins—particularly cryptocurrencies—and seeks to clarify regulatory jurisdiction: whether it lies with the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC), Dishman explained.

Looking forward, experts anticipate a surge of stablecoin-related announcements in late 2026 as institutions roll out offerings compliant with the GENIUS Act. The tokenization of real-world assets, ranging from equities to private equity, could follow, ushering in greater efficiency and liquidity for markets historically constrained by cost and complexity, Dishman said, cautioning that it’s too soon to say just how large the impact of DLT will be.

“Digital assets remain in their early stages, and their future role in financial services will depend on more than technology alone,” he said. “Clear regulatory frameworks, resilient infrastructure and meaningful client demand are essential.”