Formation of Digital Network Spatial Hubs in the Context of the Transformation of the Global Financial Architecture (Technology audit and production reserves)

Summary

• In GFCI 38 (September 2025), top financial centers showed high concentration with New York scoring 766 points, London 765, Hong Kong 764, and Singapore 763.p.3
• The market for tokenized real-world assets (RWAs), excluding stablecoins, grew from approximately 5–6 billion USD in early 2025 to around 31 billion USD by mid-2026.p.4
• Tokenized debt instruments represent the largest RWA class with major participants accounting for about 4 billion USD in tokenized market volume.p.5
• Active loans in the Coinbase integration with the Morpho protocol reached 960 million USD with 1.7 billion USD in total digital collateral.p.6
• The tokenized carbon credits market reached a valuation of approximately 400 million USD in 2024.p.6

Key insights

1. Asset tokenization and TradFi/DeFi convergence trigger a reconcentration of global financial flows within established international financial centers rather than geographic decentralization.p.1
2. Global city network models demonstrate that London and New York consistently maintain Alpha++ status as the primary core of global financial networks.p.2
3. Rating point gaps among leading international financial centers compressed to a single point in GFCI 38, confirming an ongoing concentration of global liquidity.p.3
4. Regulatory predictability acts as the dominant factor driving the spatial reconcentration of digital financial activities into traditional financial jurisdictions.p.4
5. Digital networked spatial hubs function as structural platforms unifying technological protocols, DLT infrastructure, and cross-border regulatory standards.p.4
6. The T2.5 topology (DeFi Mullet) serves as the primary form of convergence where a regulated TradFi interface operates over a decentralized backend.p.6
7. Energy infrastructure capacity and mandatory climate sustainability disclosures under regulations such as MiCA significantly influence where financial hubs concentrate.p.7