• ISSN: 2301-3567 (Print), 2972-3981 (Online)
    • Abbreviated Title: J. Econ. Bus. Manag.
    • Frequency: Quarterly
    • DOI: 10.18178/JOEBM
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HOME > Archive > 2026 > Volume 14 Number 3 (2026) >
JOEBM 2026 Vol.14(3): 146-151
DOI: 10.18178/joebm.2026.14.3.926

The Impact of Bond Tokenization on the Yield Curve: An Overview

Zhang Tingting
Zhang Tingting
Graduate School of Economics, Kansai University, Osaka, Japan
Email: k822259@kansai-u.ac.jp

Manuscript received December 30, 2025; accepted April 3, 2026; published July 11, 2026.

Abstract—Bond tokenization has emerged as an important innovation at the intersection of fintech and fixed-income markets. By converting conventional bonds into digital tokens recorded on blockchain ledgers, tokenization is expected to streamline issuance, trading, and settlement. This paper reviews the literature on how tokenization may influence yield-curve dynamics, with particular attention to corporate bonds in the United States and Japan. It sets out the theoretical channels—enhanced market liquidity, lower intermediation costs, and shifts in investor expectations—and surveys recent empirical evidence. The evidence to date indicates that tokenization can improve market efficiency and modestly compress yield spreads, thereby lowering financing costs. Market heterogeneity matters: in the United States, where corporate bond markets are already highly liquid, tokenization appears to deliver incremental gains; in Japan’s more bank-centric and relatively illiquid corporate bond market, it may attract new investors and have a more pronounced effect on the yield curve. These findings are preliminary. The tokenized bond market remains nascent, and existing studies are constrained by small samples and short horizons. The review highlights the need for further research to validate long-run effects and to map the dynamic transmission mechanisms. Overall, bond tokenization has meaningful implications for market structure and economic policy and warrants close attention as the technology evolves.
 
Keywords—bond tokenization, Corporate bond yield curve, market liquidity

Cite: Zhang Tingting, "The Impact of Bond Tokenization on the Yield Curve: An Overview," Journal of Economics, Business and Management, vol. 14, no. 3, pp. 146-151, 2026.

Copyright © 2026 by the authors. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).

 

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