Larry Fink on tokenisation: the future of inclusive, efficient finance

In his 2025 Annual Chairman’s Letter, BlackRock CEO, Larry Fink, re-affirmed his strong belief in the transformative power of tokenisation, outlining how it can revolutionise the financial sector by improving efficiency, reducing costs and, most importantly, democratising access to investment opportunities. He drew a parallel to the now-ubiquitous exchange-traded funds (ETFs), stating that, in the future, tokenised funds could become just as widespread. However, he also cautioned that the widespread adoption of tokenisation hinges on solving key issues, particularly around identity verification and the development of a robust regulatory framework. Fink highlighted further that some investments generate much higher returns than others, yet they remain largely inaccessible to retail investors; legal, operational and bureaucratic frictions are often the primary barriers. Tokenisation, he argued, can remove these hurdles and allow more individuals to participate in high-yield investment a…