Broadridge Financial Solutions reported that its Distributed Ledger Repo (DLR) platform processed an average of $384 billion in daily repo transactions during December 2025, a 490% year‑over‑year increase and a 4% rise from November. The platform’s December volumes totaled nearly $9 trillion, underscoring the rapid institutional adoption of tokenized real‑asset settlement and confirming Broadridge’s position as the world’s largest institutional platform for settling tokenized real assets.
The December 2025 average daily volume of $384 billion represents a jump from the $65 billion ADV recorded in December 2024, illustrating an almost six‑fold expansion. November’s $368 billion ADV, a 466% year‑over‑year increase, and October’s $385 billion ADV, a 492% increase, show a consistent acceleration in volume growth month over month. The 4% month‑over‑month rise from November to December indicates that the platform is not only scaling but also maintaining momentum as new participants and use cases are added.
Broadridge attributes the surge to sustained institutional demand for tokenized settlement, driven by the need for faster, more efficient repo processing, improved collateral mobility, and reduced operational friction. The platform’s ability to execute transactions on a distributed ledger eliminates manual reconciliation steps, lowers settlement risk, and enables real‑time collateral reallocation—features that have attracted a growing cohort of banks, asset managers, and custodians seeking to modernize their repo operations. The 490% year‑over‑year jump reflects both the expansion of the tokenized repo market and Broadridge’s success in scaling its infrastructure to handle larger volumes at scale.
Head of Digital Innovation Horacio Barakat said the platform has moved tokenized repo settlement from early adoption to institutional reality, highlighting the operational resilience of distributed ledger technology. He added that 2025 was a breakout year and that the company expects continued expansion in participants, use cases, and volumes in 2026, positioning DLR as a leading platform for the future of repo and capital markets. This outlook signals confidence in sustained demand and the company’s ability to capture additional market share as tokenization matures.
The DLR platform’s performance reinforces Broadridge’s competitive advantage in the emerging tokenization ecosystem, where industry participation has grown 800% since 2020. By providing a regulated, scalable infrastructure, Broadridge differentiates itself from newer entrants that lack the same level of compliance and operational maturity. The platform’s growth also supports the company’s broader strategy of bridging traditional and digital financial ecosystems, potentially driving cross‑segment synergies with its Investor Communication Solutions and Global Technology and Operations businesses.
Potential headwinds include regulatory uncertainty around tokenized assets, increasing competition from other distributed ledger providers, and the pace of broader market adoption. While the platform’s volume growth is robust, Broadridge must continue to invest in technology upgrades and compliance to maintain its leadership position and mitigate risks associated with evolving regulatory frameworks and market dynamics.
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