Axiology wins brokerage approval for tokenised funds

Axiology has received approval from the Bank of Lithuania to expand its investment services, adding brokerage functions to its existing trading, settlement and custody operations.

The broader authorisation allows the Vilnius-based firm to receive and transmit client orders and execute them on clients' behalf. These services are being added to Axiology's existing role as operator of trading, settlement and custody infrastructure for tokenised financial instruments.

For investors, this means subscriptions and redemptions in tokenised funds can be handled by the same regulated provider that also supports settlement and custody. It removes the need for separate brokerage arrangements for parts of the process.

The expansion is particularly relevant for corporate treasury teams investing in tokenised money market funds. Under the new permissions, Axiology can take investment instructions and facilitate transactions with fund providers while continuing to provide post-trade services.

Tokenised money market funds have attracted growing attention as one of the more active areas of digital finance in regulated markets. According to the European Central Bank, their global market capitalisation grew by about 110% in 2025 to around €7 billion by February 2026.

That remains a small share of the wider money market fund sector, but it points to rising institutional interest in structures that use distributed ledger technology for issuance, transfer and settlement. It has also raised questions about whether the surrounding market infrastructure can support larger volumes of regulated activity.

Broader licence

Axiology's latest approval expands its place in that infrastructure stack. Rather than operating only as a venue and post-trade service provider, it can now sit closer to the investor by handling orders directly or transmitting them to other venues and counterparties when needed.

This matters in a market where tokenised products often promise simpler access but still require investors to deal with multiple service providers. For treasury and institutional users, fragmentation across brokers, custodians and settlement providers has remained a practical barrier, even where the underlying asset is digitised.

Marius Jurgilas, Chief Executive Officer of Axiology, said: "Tokenisation has the potential to make capital markets much more efficient, but there's little benefit in simplifying the technology if investors still have to navigate a complicated process to access it. For treasury teams, that means dealing with multiple providers to place an order, complete a transaction and manage their holdings.

"Extending our authorisation is a deliberate step towards bringing the full investment process under one regulated roof. By combining brokerage with our existing infrastructure, we can make it easier for clients to access and manage these investments through one regulated provider."

DLT framework

The expansion builds on Axiology's existing regulatory standing in Europe's developing market structure for tokenised securities. The firm is authorised to operate a DLT Trading and Settlement System under the EU DLT Pilot Regime, the bloc's framework for testing market infrastructure based on distributed ledger technology.

The regime was designed to let regulated operators run trading and settlement arrangements for tokenised financial instruments within certain thresholds and conditions. Policymakers have seen it as a way to test whether distributed ledger systems can support trading, settlement and record-keeping functions that have traditionally sat within conventional market infrastructure.

Axiology was also among the first DLT operators onboarded for Pontes, the Eurosystem initiative intended to enable wholesale transactions in tokenised financial instruments to settle in central bank money. It is also a member of the Appia Contact Group, which supports work linked to the evolution of that framework and the broader development of a European tokenised financial ecosystem.

Institutional demand

The latest approval suggests regulators are willing to extend permissions for firms seeking to connect investment services more closely with digital market infrastructure. It also underlines how tokenised money market funds are emerging as an early institutional use case because they resemble familiar short-term cash management products while offering a different operational setup.

For corporate treasurers, the appeal lies less in novelty than in whether tokenised products can fit into existing liquidity and cash management practices with fewer operational steps. A model in which orders, transactions, settlement and custody are managed within one regulated firm could appeal if institutions decide it is simpler to use than current arrangements.

The Bank of Lithuania's approval gives Axiology a broader role across the investment chain at a time when European authorities and market participants are still testing how tokenised finance should work in practice. The firm can now receive and transmit orders, execute them for clients, and combine those services with its trading, settlement and custody functions.